Focus Partners Advisor Solutions LLC Acquires Shares of 1,699 Targa Resources, Inc. $TRGP

Key Points

• Focus Partners Advisor Solutions LLC purchased 1,699 shares of Targa Resources, valued at approximately $341,000, marking their new investment in the company.
• Targa Resources declared a quarterly dividend of $1.00, significantly increased from the previous $0.12, resulting in an annualized yield of 2.5%.
• Analysts have mixed ratings for Targa Resources, with a consensus target price set at $208.86; however, the stock is currently highly rated with one Strong Buy and thirteen Buy ratings.

Focus Partners Advisor Solutions LLC acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,699 shares of the pipeline company's stock, valued at approximately $341,000.

Other hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC lifted its position in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Targa Resources during the fourth quarter valued at approximately $31,000. Colonial Trust Co SC lifted its position in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Cary Street Partners Financial LLC bought a new stake in Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources during the fourth quarter valued at approximately $32,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 1.5%

Shares of NYSE TRGP traded up $2.51 during mid-day trading on Friday, hitting $167.75. The stock had a trading volume of 136,416 shares, compared to its average volume of 1,809,548. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 1 year low of $144.30 and a 1 year high of $218.51. The business has a 50 day moving average price of $166.00 and a two-hundred day moving average price of $171.79. The firm has a market cap of $36.10 billion, a P/E ratio of 23.69, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. On average, equities analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. Targa Resources's payout ratio is presently 56.58%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TRGP. Barclays lifted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada lifted their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. UBS Group decreased their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $208.86.

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.