Janney Montgomery Scott LLC Purchases 6,613 Shares of Targa Resources, Inc. $TRGP

Janney Montgomery Scott LLC grew its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 9.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 75,907 shares of the pipeline company’s stock after acquiring an additional 6,613 shares during the period. Janney Montgomery Scott LLC’s holdings in Targa Resources were worth $19,032,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Olistico Wealth LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources during the fourth quarter valued at $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the fourth quarter valued at $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources during the 4th quarter valued at $31,000. Finally, Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at $37,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.2%

NYSE:TRGP opened at $268.12 on Wednesday. The firm has a market cap of $57.55 billion, a P/E ratio of 27.11, a P/E/G ratio of 1.39 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The firm has a 50-day simple moving average of $260.86 and a two-hundred day simple moving average of $230.71.

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

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a $1.25 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources’s payout ratio is currently 50.56%.

Insider Transactions at Targa Resources

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

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Barclays upped their price objective on shares of Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a report on Tuesday, June 23rd. Morgan Stanley lifted their target price on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. UBS Group boosted their price target on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Finally, US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

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.