Eurizon Capital SGR S.p.A. Takes $12.64 Million Position in Targa Resources, Inc. $TRGP

Key Points

• Eurizon Capital SGR initiated a new position in Targa Resources during the fourth quarter, buying 68,494 shares worth about $12.64 million. Several other institutional investors also opened new positions, and institutions now own 92.13% of the stock.
• Wall Street sentiment remains constructive: analysts have issued 15 Buy and 3 Hold ratings, with an average target price of $269.21. Recent firms including Mizuho and Morgan Stanley also raised their price targets.
• Targa Resources reported missed Q1 earnings and revenue estimates, but it recently increased its quarterly dividend to $1.25 per share from $1.00. The new payout implies a 2.0% yield and a $5.00 annualized dividend.

Eurizon Capital SGR S.p.A. purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 68,494 shares of the pipeline company's stock, valued at approximately $12,644,000.

Other institutional investors have also recently made changes to their positions in the company. Olistico Wealth LLC bought a new position in shares of Targa Resources in the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources in the 4th quarter worth approximately $27,000. Leonteq Securities AG bought a new position in shares of Targa Resources in the 4th quarter worth approximately $31,000. Godfrey Financial Associates Inc. bought a new position in shares of Targa Resources in the 4th quarter worth approximately $37,000. Finally, Eagle Bay Advisors LLC bought a new position in shares of Targa Resources in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TRGP. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research note on Friday, May 8th. Mizuho increased their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday. Morgan Stanley increased their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. TD Cowen increased their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a research note on Monday, May 11th. Finally, Scotiabank raised their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $269.21.

Targa Resources Price Performance

NYSE TRGP opened at $255.14 on Monday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The stock has a market cap of $54.76 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.32 and a beta of 0.72. The company's 50 day moving average is $251.28 and its two-hundred day moving average is $216.51. The company has a current ratio of 0.72, a quick ratio of 0.62 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 analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. As a group, research analysts anticipate that Targa Resources, Inc. will post 10.67 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This is an increase from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 2.0%. Targa Resources's dividend payout ratio (DPR) is 50.56%.

Insider Activity at Targa Resources

In other news, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the sale, the insider owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on 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 owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company's stock.

Targa Resources Company Profile

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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