Collaborative Fund Advisors LLC Takes $1.04 Million Position in Targa Resources, Inc. $TRGP

Key Points

• Collaborative Fund Advisors LLC initiated a new position in Targa Resources during the first quarter, buying 4,134 shares worth about $1.04 million.
• Institutional interest in TRGP remains strong, with hedge funds and other institutional investors holding 92.13% of the company’s shares, while several firms increased their stakes in recent quarters.
• Targa Resources reported mixed quarterly results, missing EPS and revenue estimates, but it also raised its dividend to $1.25 per share quarterly, or $5.00 annualized, for a 1.9% yield.

Collaborative Fund Advisors LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 4,134 shares of the pipeline company's stock, valued at approximately $1,037,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Woodline Partners LP grew its holdings in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after acquiring an additional 5,327 shares during the period. Focus Partners Wealth lifted its stake 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 valued at $788,000 after purchasing an additional 2,404 shares during the period. Baird Financial Group Inc. lifted its stake 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 valued at $644,000 after purchasing an additional 219 shares during the period. Brown Advisory Inc. boosted its position 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 position 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. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Down 0.0%

TRGP stock opened at $258.85 on Monday. The business has a 50 day moving average of $262.36 and a 200 day moving average of $232.29. The firm has a market cap of $55.56 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's dividend payout ratio (DPR) is presently 50.56%.

Analyst Ratings Changes

A number of research firms have issued reports on TRGP. UBS Group increased their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Truist Financial boosted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. TD Cowen upped their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a research report on Monday, May 11th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research note on Friday, May 8th. Finally, Erste Group Bank began coverage on shares of Targa Resources in a research note on Thursday, June 25th. They issued a "buy" rating for the company. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $272.73.

About Targa Resources

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.

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