Krilogy Financial LLC Increases Position in Targa Resources, Inc. $TRGP

Krilogy Financial LLC raised its holdings in Targa Resources, Inc. (NYSE:TRGP) by 118.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,095 shares of the pipeline company’s stock after acquiring an additional 2,224 shares during the period. Krilogy Financial LLC’s holdings in Targa Resources were worth $982,000 at the end of the most recent quarter.

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

Targa Resources Stock Performance

NYSE TRGP opened at $273.25 on Friday. The stock has a fifty day simple moving average of $258.91 and a 200-day simple moving average of $228.83. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The stock has a market cap of $58.65 billion, a PE ratio of 27.63, a P/E/G ratio of 1.36 and a beta of 0.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data 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). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Equities analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a boost 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%. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TRGP. TD Cowen upped their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. Morgan Stanley boosted 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. Truist Financial increased their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Royal Bank Of Canada restated an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Finally, Mizuho raised their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $272.73.

Targa Resources 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.