Elevation Point Wealth Partners LLC purchased a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,734 shares of the pipeline company's stock, valued at approximately $1,001,000.

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Other large investors have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources during the fourth quarter worth approximately $31,000. CoreCap Advisors LLC increased its stake in shares of Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after purchasing an additional 91 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in Targa Resources during the 2nd quarter worth approximately $35,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Down 1.7%

NYSE TRGP opened at $294.10 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a 50 day moving average of $272.62 and a 200-day moving average of $255.13. The company has a market cap of $63.06 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 1.43 and a beta of 0.72.

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Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities research analysts expect that Targa Resources, Inc. will post 11.13 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is presently 47.80%.

Wall Street Analysts Forecast Growth

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Several analysts recently issued reports on the company. Weiss Ratings restated a "buy (b)" rating on shares of Targa Resources in a research note on Thursday, July 2nd. US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Seaport Research Partners reissued a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. Citigroup reissued a "buy" rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Scotiabank boosted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $297.18.

View Our Latest Research Report on TRGP

Targa Resources Company Profile

(Free Report)

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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