Proficio Capital Partners LLC Boosts Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

Proficio Capital Partners LLC lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 6.1% during the first quarter, Holdings Channel reports. The fund owned 1,373 shares of the pipeline company’s stock after acquiring an additional 79 shares during the period. Proficio Capital Partners LLC’s holdings in Targa Resources were worth $275,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. raised its stake in Targa Resources by 15.0% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,927 shares of the pipeline company’s stock worth $344,000 after acquiring an additional 251 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Targa Resources by 7.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 15,208 shares of the pipeline company’s stock worth $2,752,000 after acquiring an additional 1,102 shares in the last quarter. Sei Investments Co. raised its stake in Targa Resources by 8.9% during the 4th quarter. Sei Investments Co. now owns 179,005 shares of the pipeline company’s stock worth $31,952,000 after acquiring an additional 14,620 shares in the last quarter. LPL Financial LLC raised its stake in Targa Resources by 41.6% during the 4th quarter. LPL Financial LLC now owns 156,563 shares of the pipeline company’s stock worth $27,946,000 after acquiring an additional 45,981 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in Targa Resources during the 4th quarter worth $346,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 1.4%

Shares of NYSE:TRGP opened at $164.82 on Thursday. The company has a market cap of $35.75 billion, a PE ratio of 30.35, a P/E/G ratio of 1.06 and a beta of 1.07. The company’s 50-day moving average price is $167.30 and its 200 day moving average price is $181.31. Targa Resources, Inc. has a fifty-two week low of $122.56 and a fifty-two week high of $218.51. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $1.00 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Thursday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. TD Cowen initiated coverage on shares of Targa Resources in a report on Monday, July 7th. They set a “hold” rating and a $192.00 price objective on the stock. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a report on Tuesday, July 15th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $205.00 price objective on shares of Targa Resources in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $209.86.

Targa Resources Company 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.