Elevation Point Wealth Partners LLC Boosts Position in Targa Resources, Inc. $TRGP

Elevation Point Wealth Partners LLC grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 49.1% in the first quarter, HoldingsChannel.com reports. The fund owned 6,432 shares of the pipeline company’s stock after purchasing an additional 2,117 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Targa Resources were worth $1,613,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. State Street Corp lifted its position in Targa Resources by 1.3% during the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after acquiring an additional 162,878 shares during the period. Geode Capital Management LLC boosted its stake in Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank purchased a new stake in Targa Resources in the fourth quarter worth about $735,758,000. Finally, Tortoise Capital Advisors L.L.C. increased its stake in shares of Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is owned by corporate insiders.

Targa Resources Stock Down 0.0%

TRGP stock opened at $258.85 on Monday. The stock has a market capitalization of $55.56 billion, a P/E ratio of 26.17, a P/E/G ratio of 1.32 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00. The business has a fifty day moving average price of $262.36 and a 200-day moving average price of $232.29.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Equities analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is 50.56%.

Analyst Ratings Changes

A number of brokerages have recently commented on TRGP. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research report on Friday, May 8th. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Morgan Stanley boosted their target price on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Jefferies Financial Group began coverage on Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 price target for the company. Finally, US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $272.73.

Targa Resources Company Profile

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.