Axxcess Wealth Management LLC Boosts Stake in Targa Resources, Inc. $TRGP

Axxcess Wealth Management LLC raised its position in Targa Resources, Inc. (NYSE:TRGP) by 12.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,160 shares of the pipeline company’s stock after buying an additional 236 shares during the period. Axxcess Wealth Management LLC’s holdings in Targa Resources were worth $376,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. boosted its position in Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock valued at $494,000 after buying an additional 495 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Targa Resources by 17.6% during the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock worth $30,563,000 after purchasing an additional 26,318 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Targa Resources by 48.1% during the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company’s stock worth $508,000 after purchasing an additional 823 shares during the last quarter. OFI Invest Asset Management lifted its position in shares of Targa Resources by 6.5% during the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock worth $42,411,000 after purchasing an additional 14,883 shares during the last quarter. Finally, Vontobel Holding Ltd. lifted its position in shares of Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company’s stock worth $753,000 after purchasing an additional 864 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. TD Cowen assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. BMO Capital Markets assumed coverage on shares of Targa Resources in a research report on Friday, September 19th. They set an “outperform” rating and a $185.00 price target on the stock. Finally, Barclays increased their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Moderate Buy” and an average price target of $209.50.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $148.51 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm’s 50-day moving average price is $163.54 and its two-hundred day moving average price is $165.96. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The stock has a market capitalization of $31.96 billion, a P/E ratio of 21.01, a P/E/G ratio of 0.89 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. As a group, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be paid a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.