Brookwood Investment Group LLC Buys Shares of 2,747 Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Brookwood Investment Group LLC acquired 2,747 shares of Targa Resources, valued at approximately $551,000, indicating increasing institutional interest in the company.
• Targa Resources recently increased its quarterly dividend to $1.00, up from $0.12, reflecting a positive financial outlook with a dividend yield of 2.41%.
• Despite recent acquisitions and a strong institutional ownership of 92.13%, Targa Resources reported earnings that missed expectations, with $0.91 EPS compared to the expected $2.04.

Brookwood Investment Group LLC bought a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,747 shares of the pipeline company's stock, valued at approximately $551,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after buying an additional 212,986 shares in the last quarter. Norges Bank purchased a new stake in Targa Resources during the 4th quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after buying an additional 53,853 shares in the last quarter. Northern Trust Corp grew its holdings in Targa Resources by 8.5% during the 4th quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock valued at $391,148,000 after buying an additional 170,755 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Targa Resources by 22.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock valued at $349,024,000 after buying an additional 353,165 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TRGP. TD Cowen began coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. UBS Group cut their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Mizuho set a $212.00 target price on shares of Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. Finally, Citigroup cut their target price 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 hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $209.86.

Targa Resources Trading Up 0.8%

Shares of NYSE:TRGP traded up $1.26 on Monday, hitting $166.86. 242,028 shares of the company's stock were exchanged, compared to its average volume of 1,896,557. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The stock has a market capitalization of $36.20 billion, a price-to-earnings ratio of 30.73, a price-to-earnings-growth ratio of 1.08 and a beta of 1.07. The business's 50 day simple moving average is $167.29 and its two-hundred day simple moving average is $180.87. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.40%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

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.