Targa Resources, Inc. $TRGP Shares Bought by Allstate Corp

Allstate Corp boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 72.3% in the first quarter, Holdings Channel reports. The fund owned 10,450 shares of the pipeline company’s stock after buying an additional 4,386 shares during the quarter. Allstate Corp’s holdings in Targa Resources were worth $2,095,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Snowden Capital Advisors LLC boosted its stake in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock valued at $473,000 after purchasing an additional 53 shares during the period. Ritholtz Wealth Management lifted its holdings in Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock worth $991,000 after buying an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC boosted its position in Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock valued at $356,000 after buying an additional 62 shares during the last quarter. Curated Wealth Partners LLC grew its stake in shares of Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after acquiring an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP grew its stake in shares of Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock valued at $1,648,000 after acquiring an additional 74 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRGP. TD Cowen assumed coverage on Targa Resources in a research note on Monday, July 7th. They set a “hold” rating and a $192.00 price objective for the company. Cfra Research upgraded Targa Resources to a “hold” rating in a research note on Friday, August 8th. Wall Street Zen raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. Finally, Barclays increased their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.21.

Targa Resources Stock Performance

Shares of TRGP opened at $162.9190 on Friday. The stock has a market capitalization of $35.06 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The business’s fifty day moving average price is $167.92 and its 200 day moving average price is $175.60. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $1.00 per share. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Thursday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

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.