HB Wealth Management LLC Purchases 2,919 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• HB Wealth Management LLC increased its stake in Targa Resources, Inc. by 40% in Q1, acquiring an additional 2,919 shares, bringing their total holdings to 10,209 shares valued at over $2 million.
• Targa Resources has announced an increase in its quarterly dividend from $0.12 to $1.00 per share, with a yield of 2.36% and a payout ratio of 73.66%.
• Despite a strong position in the market, Targa reported earnings per share of $0.91, missing expectations by $1.13, while also seeing a quarterly revenue of $4.56 billion, below the forecast of $5.01 billion.

HB Wealth Management LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 40.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,209 shares of the pipeline company's stock after buying an additional 2,919 shares during the period. HB Wealth Management LLC's holdings in Targa Resources were worth $2,047,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after acquiring an additional 212,986 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after purchasing an additional 53,853 shares during the period. Northern Trust Corp boosted its holdings in Targa Resources by 8.5% in the fourth quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock worth $391,148,000 after purchasing an additional 170,755 shares during the last quarter. Nuveen Asset Management LLC grew its position in Targa Resources by 22.0% in the 4th quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock worth $349,024,000 after purchasing an additional 353,165 shares during the period. Finally, Zimmer Partners LP grew its position in Targa Resources by 19.1% in the 4th quarter. Zimmer Partners LP now owns 1,661,200 shares of the pipeline company's stock worth $296,524,000 after purchasing an additional 266,200 shares during the period. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on TRGP shares. Citigroup lowered their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Barclays raised their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. The Goldman Sachs Group reduced their target price 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, TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $209.86.

Targa Resources Price Performance

NYSE TRGP traded down $3.27 during trading hours on Friday, reaching $163.14. The company's stock had a trading volume of 687,334 shares, compared to its average volume of 1,882,652. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The company has a market capitalization of $35.39 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 1.09 and a beta of 1.07. The firm's 50-day moving average price is $167.78 and its 200-day moving average price is $180.31.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS 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 issued a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. Targa Resources's payout ratio is currently 73.66%.

Targa Resources Company 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.