Value Partners Investments Inc. Buys Shares of 14,736 Targa Resources, Inc. $TRGP

Value Partners Investments Inc. purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the first quarter, Holdings Channel reports. The fund purchased 14,736 shares of the pipeline company’s stock, valued at approximately $3,691,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Olistico Wealth LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources during the 4th quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the 4th quarter valued at about $30,000. Leonteq Securities AG purchased a new stake in Targa Resources during the fourth quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth about $37,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In related 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 value of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This 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 hyperlink. Insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research reports. Jefferies Financial Group began coverage on shares of Targa Resources in a report on Thursday, June 18th. They issued a “buy” rating and a $314.00 price objective for the company. Wells Fargo & Company increased their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research note on Friday, May 8th. Finally, The Goldman Sachs Group upped their price objective on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Stock Down 0.2%

TRGP stock opened at $272.83 on Friday. The company’s 50 day moving average price is $259.59 and its 200 day moving average price is $229.14. 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 market capitalization of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72.

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

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s payout ratio is presently 50.56%.

Targa Resources Company 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.