14,736 Shares in Targa Resources, Inc. $TRGP Bought by Value Partners Investments Inc.

Value Partners Investments Inc. purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,736 shares of the pipeline company’s stock, valued at approximately $3,691,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Olistico Wealth LLC acquired a new stake in Targa Resources in the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources during the 4th quarter valued at approximately $30,000. Leonteq Securities AG acquired a new stake in Targa Resources in the 4th quarter valued at $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in Targa Resources in the 4th quarter worth $37,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated 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 completion of the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Jefferies Financial Group assumed coverage on shares of Targa Resources in a research note on Thursday, June 18th. They issued a “buy” rating and a $314.00 price target on the stock. Morgan Stanley lifted their price objective on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Royal Bank Of Canada reiterated an “outperform” rating and set a $281.00 price objective on shares of Targa Resources in a research note on Tuesday, May 12th. Finally, US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $272.73.

Targa Resources Price Performance

TRGP stock opened at $272.83 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $58.56 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72. The business has a 50 day simple moving average of $259.59 and a 200-day simple moving average of $229.14.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for 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%. Equities research analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

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.