Beacon Pointe Advisors LLC Invests $1.76 Million in Targa Resources, Inc. $TRGP

Key Points

• Beacon Pointe Advisors purchased 6,569 shares of Targa Resources worth approximately $1.76 million in the second quarter. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, beating analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate. Shares opened at $288.38, near their 52-week high of $307.94.
• The company maintains a quarterly dividend of $1.25, equivalent to an annualized $5.00 payout and a 1.7% yield. Analysts remain broadly positive, with an average “Buy” rating and a consensus price target of $298.71, while two directors recently sold shares.

Beacon Pointe Advisors LLC purchased a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,569 shares of the pipeline company's stock, valued at approximately $1,762,000.

Several other large investors also recently added to or reduced their stakes in the stock. Woodline Partners LP increased its stake in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth lifted its position in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. lifted its position in shares of Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock worth $644,000 after purchasing an additional 219 shares during the period. Brown Advisory Inc. boosted its stake in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock valued at $5,550,000 after purchasing an additional 3,163 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares of the company's stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director owned 1,529 shares of the company's stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.37% of the stock is owned by company insiders.

Targa Resources Stock Up 0.2%

Shares of TRGP stock opened at $288.38 on Monday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The stock's fifty day moving average price is $275.05 and its 200 day moving average price is $257.39. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a market cap of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.37 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. On average, research analysts expect that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources's dividend payout ratio (DPR) is 47.80%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price objective on shares of Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a research note on Tuesday, August 18th. Raymond James Financial set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. Wells Fargo & Company boosted their price target on Targa Resources from $270.00 to $282.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Barclays upped their price objective on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Erste Group Bank started coverage on Targa Resources in a research note on Thursday, June 25th. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and an average price target of $298.71.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source