Moran Wealth Management LLC Invests $231,000 in Targa Resources, Inc. (NYSE:TRGP)

Moran Wealth Management LLC bought a new position in Targa Resources, Inc. (NYSE:TRGP) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 1,154 shares of the pipeline company’s stock, valued at approximately $231,000.

Several other large investors have also recently modified their holdings of TRGP. Colonial Trust Co SC increased its stake in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in Targa Resources during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Scotiabank boosted their price objective on shares of Targa Resources from $193.00 to $197.00 and gave the company a “sector outperform” rating in a research note on Thursday, June 5th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Truist Financial boosted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Citigroup reduced their price objective on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, Barclays reduced their price objective on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, May 20th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $204.69.

Targa Resources Trading Down 0.8%

Shares of Targa Resources stock opened at $174.45 on Friday. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The firm has a market cap of $37.84 billion, a PE ratio of 32.13, a PEG ratio of 0.62 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The company has a 50 day simple moving average of $166.29 and a two-hundred day simple moving average of $182.53.

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

Targa Resources Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s payout ratio is presently 73.66%.

Targa Resources 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.