15,215 Shares in Targa Resources, Inc. $TRGP Acquired by Algert Global LLC

Key Points

• Algert Global LLC acquired a new position in Targa Resources, Inc. by buying 15,215 shares valued at approximately $3,050,000 during the first quarter.
• Targa Resources recently reported earnings of $2.87 per share, exceeding analysts' expectations, but its revenue of $4.26 billion fell short of the anticipated $4.82 billion.
• The company declared a quarterly dividend of $1.00 per share, representing an annualized yield of 2.5%, an increase from the previous quarterly dividend of $0.12.

Algert Global LLC purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,215 shares of the pipeline company's stock, valued at approximately $3,050,000.

Several other institutional investors have also bought and sold shares of the stock. Snowden Capital Advisors LLC lifted its holdings in Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $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 first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after purchasing an additional 62 shares during the period. Stratos Wealth Advisors LLC lifted its holdings in Targa Resources by 3.6% in the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after purchasing an additional 62 shares during the period. Curated Wealth Partners LLC lifted its holdings in Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after purchasing an additional 73 shares during the period. Finally, Baker Avenue Asset Management LP lifted its holdings in Targa Resources by 0.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 0.5%

Shares of TRGP stock traded up $0.8190 during trading hours on Friday, reaching $162.9190. 1,000,388 shares of the stock traded hands, compared to its average volume of 1,571,554. Targa Resources, Inc. has a 1-year low of $142.11 and a 1-year high of $218.51. The business has a fifty day moving average price of $167.92 and a 200 day moving average price of $175.40. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $35.06 billion, a PE ratio of 23.04, a PEG ratio of 1.00 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. On average, 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 declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRGP. Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday. The Goldman Sachs Group cut their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Barclays upped their price target on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Citigroup cut their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $209.21.

Targa Resources Company 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.