Capital Investment Advisors LLC Boosts Stake in Targa Resources, Inc. $TRGP

Key Points

• Capital Investment Advisors LLC increased its stake in Targa Resources, Inc. by 45.7% in Q2, holding 20,176 shares valued at $3.51 million.
• Targa Resources reported $2.87 earnings per share for its latest quarter, significantly exceeding analyst expectations of $1.95, despite revenues of $4.26 billion falling short of estimates.
• The company raised its quarterly dividend to $1.00 per share, marking a positive change from the previous $0.12 dividend, leading to an annualized yield of 2.4%.

Capital Investment Advisors LLC grew its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 45.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,176 shares of the pipeline company's stock after buying an additional 6,324 shares during the period. Capital Investment Advisors LLC's holdings in Targa Resources were worth $3,512,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wolff Wiese Magana LLC raised its holdings in shares of Targa Resources by 61.0% during the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company's stock worth $84,000 after purchasing an additional 183 shares during the last quarter. GC Wealth Management RIA LLC purchased a new position in shares of Targa Resources during the second quarter worth $254,000. V Square Quantitative Management LLC raised its holdings in shares of Targa Resources by 8.4% during the second quarter. V Square Quantitative Management LLC now owns 4,099 shares of the pipeline company's stock worth $714,000 after purchasing an additional 317 shares during the last quarter. Johnson & White Wealth Management LLC purchased a new position in shares of Targa Resources during the second quarter worth $267,000. Finally, Argus Investors Counsel Inc. raised its holdings in shares of Targa Resources by 1.9% during the second quarter. Argus Investors Counsel Inc. now owns 13,575 shares of the pipeline company's stock worth $2,363,000 after purchasing an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $167.33 on Wednesday. The firm's 50-day moving average is $165.55 and its two-hundred day moving average is $169.79. The company has a market capitalization of $36.01 billion, a PE ratio of 23.67, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20. Targa Resources, Inc. has a 12 month low of $146.55 and a 12 month high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

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. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share 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 paid a $1.00 dividend. 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. Targa Resources's payout ratio is presently 56.58%.

Analyst Ratings Changes

Several brokerages recently issued reports on TRGP. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Mizuho reduced their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a report on Friday, August 29th. TD Cowen began coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 target price for the company. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, Targa Resources has an average rating of "Moderate Buy" and an average price target of $207.27.

About Targa Resources

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.