Acumen Wealth Advisors LLC Acquires 3,209 Shares of Targa Resources, Inc. $TRGP

Acumen Wealth Advisors LLC increased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 3,146.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its stake 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 purchasing an additional 12,640 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after buying an additional 53,413 shares during the period. Miller Howard Investments Inc. NY raised its stake 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 worth $57,816,000 after buying an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG raised its stake 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 worth $6,245,000 after buying an additional 20,905 shares during the last quarter. Finally, Ninety One UK Ltd lifted its holdings in Targa Resources by 12.6% in the fourth quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock valued at $18,031,000 after buying an additional 10,946 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TRGP shares. The Goldman Sachs Group raised their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Royal Bank Of Canada reissued an “outperform” rating and set a $310.00 price objective on shares of Targa Resources in a research report on Tuesday. UBS Group reaffirmed a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a research report on Friday, May 8th. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $288.00.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.37% of the stock is owned by corporate insiders.

Targa Resources Trading Down 0.7%

NYSE TRGP opened at $280.32 on Wednesday. The stock has a market capitalization of $60.17 billion, a price-to-earnings ratio of 28.34, a PEG ratio of 1.44 and a beta of 0.71. The business’s fifty day moving average is $268.90 and its 200-day moving average is $240.32. 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 one year low of $144.14 and a one year high of $286.25.

Targa Resources (NYSE:TRGP) last announced 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). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Announces Dividend

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

About Targa Resources

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.