HB Wealth Management LLC Purchases 279 Shares of Targa Resources Corp. (NYSE:TRGP)

HB Wealth Management LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 5.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,294 shares of the pipeline company’s stock after purchasing an additional 279 shares during the quarter. HB Wealth Management LLC’s holdings in Targa Resources were worth $682,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares in the last quarter. New Mexico Educational Retirement Board grew its holdings in Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after purchasing an additional 33,900 shares during the period. Ieq Capital LLC increased its stake in Targa Resources by 8.5% in the fourth quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock valued at $536,000 after purchasing an additional 482 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Targa Resources by 160.3% during the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after purchasing an additional 178,655 shares during the period. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on TRGP shares. UBS Group raised their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. The Goldman Sachs Group boosted their price objective on Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Morgan Stanley lifted their price target on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. Finally, Barclays upped their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $140.54.

Insiders Place Their Bets

In other news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares in the company, valued at approximately $32,531,882.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the transaction, the insider now owns 196,951 shares in the company, valued at $23,649,876.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now owns 238,591 shares in the company, valued at $32,531,882.85. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,034 shares of company stock valued at $5,623,890. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $0.89 during midday trading on Thursday, reaching $145.18. The company’s stock had a trading volume of 202,722 shares, compared to its average volume of 1,609,940. The stock has a market capitalization of $31.81 billion, a P/E ratio of 29.63, a PEG ratio of 1.15 and a beta of 2.27. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The firm has a 50 day moving average price of $135.04 and a 200-day moving average price of $119.24. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $147.08.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share. As a group, equities analysts predict that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.07%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

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.