Acumen Wealth Advisors LLC Increases Holdings in Targa Resources, Inc. $TRGP

Acumen Wealth Advisors LLC lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 3,146.1% during the first quarter, HoldingsChannel.com reports. The firm owned 3,311 shares of the pipeline company’s stock after purchasing an additional 3,209 shares during the quarter. Acumen Wealth Advisors LLC’s holdings in Targa Resources were worth $830,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. PNC Financial Services Group Inc. increased its holdings in Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after acquiring an additional 12,640 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares during the period. Miller Howard Investments Inc. NY raised its position in shares of Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after buying an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG raised its position in shares of Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after buying an additional 20,905 shares in the last quarter. Finally, Banque Pictet & Cie SA purchased a new stake in shares of Targa Resources in the fourth quarter worth $22,919,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Targa Resources stock opened at $280.32 on Wednesday. The firm has a 50-day moving average of $268.90 and a 200-day moving average of $240.32. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $286.25. The firm has a market cap of $60.17 billion, a P/E ratio of 28.34, a P/E/G ratio of 1.44 and a beta of 0.71. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

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

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s payout ratio is 50.56%.

Analyst Ratings Changes

A number of brokerages have weighed in on TRGP. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. JPMorgan Chase & Co. increased their target price on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Morgan Stanley restated an “overweight” rating and set a $333.00 price target on shares of Targa Resources in a research report on Tuesday. UBS Group reaffirmed a “buy” rating and set a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. Finally, Mizuho increased their price target on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Seventeen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average target price of $288.00.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated 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 sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.37% of the stock is owned by insiders.

Targa Resources 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.