3,853 Shares in Targa Resources, Inc. $TRGP Acquired by Empirical Asset Management LLC

Empirical Asset Management LLC bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,853 shares of the pipeline company’s stock, valued at approximately $1,033,000.

Several other hedge funds and other institutional investors have also bought and sold shares of TRGP. PNC Financial Services Group Inc. boosted its holdings in shares of Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after buying an additional 12,640 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after acquiring an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY lifted its position in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after acquiring an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG lifted its position in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after acquiring an additional 20,905 shares during the last quarter. Finally, Icon Wealth Advisors LLC boosted its stake in Targa Resources by 24.0% in the fourth quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock valued at $3,625,000 after acquiring an additional 3,797 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several analyst reports. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research report on Friday, May 8th. Jefferies Financial Group boosted their target price on Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday. Wells Fargo & Company upped their target price on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Finally, Wolfe Research set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $297.18.

Targa Resources Stock Up 7.4%

Shares of TRGP stock opened at $298.40 on Wednesday. The stock’s 50-day simple moving average is $270.29 and its 200-day simple moving average is $252.40. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market capitalization of $63.99 billion, a PE ratio of 28.53, a P/E/G ratio of 1.43 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $305.08.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Equities analysts expect that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

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.