Eagle Global Advisors LLC Buys 1,660 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Eagle Global Advisors LLC increased its position in Targa Resources by 0.3%, owning 494,360 shares worth approximately $99.10 million, making it the firm's 4th largest position.
• Targa Resources reported $2.87 EPS for the last quarter, exceeding estimates, and announced a significant increase in its quarterly dividend to $1.00 per share.
• Analysts have a consensus rating of "Buy" for Targa Resources, with price targets ranging from $192.00 to $218.00 following recent adjustments.

Eagle Global Advisors LLC increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 0.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 494,360 shares of the pipeline company's stock after purchasing an additional 1,660 shares during the period. Targa Resources makes up 4.1% of Eagle Global Advisors LLC's portfolio, making the stock its 4th largest holding. Eagle Global Advisors LLC owned about 0.23% of Targa Resources worth $99,104,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TRGP. Bessemer Group Inc. boosted its position in Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after buying an additional 495 shares during the period. Oppenheimer & Co. Inc. boosted its position in Targa Resources by 48.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in Targa Resources in the 1st quarter valued at about $544,000. Vontobel Holding Ltd. boosted its position in Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after buying an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its position in Targa Resources by 5.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after buying an additional 111 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.8%

TRGP stock traded down $1.35 during midday trading on Wednesday, reaching $166.69. 1,787,743 shares of the company were exchanged, compared to its average volume of 1,546,349. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 1-year low of $136.60 and a 1-year high of $218.51. The stock's 50-day simple moving average is $168.61 and its 200 day simple moving average is $177.46. The company has a market cap of $35.87 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 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 analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 56.58%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Tuesday, July 15th. TD Cowen assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Citigroup reduced their price target 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. The Goldman Sachs Group reduced their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. Three equities research 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 company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.00.

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.