Cetera Investment Advisers Purchases 5,314 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Cetera Investment Advisers increased its holdings in Targa Resources by 15.0%, acquiring an additional 5,314 shares, bringing their total to 40,714 shares valued at approximately $8.16 million.
• Targa Resources reported a missed earnings per share of $0.91 for the quarter, falling short of the consensus estimate of $2.04, along with a revenue of $4.56 billion, below expectations.
• The company announced an increased quarterly dividend of $1.00 per share, representing a significant rise from its previous dividend of $0.12, with a payout ratio of 73.66%.

Cetera Investment Advisers grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 15.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,714 shares of the pipeline company's stock after buying an additional 5,314 shares during the period. Cetera Investment Advisers' holdings in Targa Resources were worth $8,162,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Cornerstone Planning Group LLC grew its holdings in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares in the last quarter. 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 purchased a new position in Targa Resources in the 4th quarter worth approximately $31,000. Ameriflex Group Inc. bought a new position in shares of Targa Resources in the 4th quarter worth $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at $32,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 2.0%

Shares of NYSE TRGP traded down $3.34 during trading hours on Friday, hitting $163.07. The company's stock had a trading volume of 1,760,898 shares, compared to its average volume of 1,234,745. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The stock has a market cap of $35.37 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.06 and a beta of 1.12. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The business has a 50-day simple moving average of $167.83 and a 200-day simple moving average of $180.05.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is presently 73.66%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TRGP. Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Tuesday, July 15th. TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. Citigroup cut their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $205.00 price target on shares of Targa Resources in a research note on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $209.86.

Targa Resources 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.