Integrity Alliance LLC. Purchases Shares of 2,108 Targa Resources, Inc. $TRGP

Key Points

• Integrity Alliance LLC acquired 2,108 shares of Targa Resources, worth approximately $423,000, reflecting growing institutional interest in the pipeline company.
• Targa Resources reported a quarterly earnings per share (EPS) of $2.87, exceeding analyst estimates of $1.95, while revenue was $4.26 billion against expectations of $4.82 billion.
• The company has increased its quarterly dividend from $0.12 to $1.00, resulting in an annualized dividend yield of 2.4%.

Integrity Alliance LLC. bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,108 shares of the pipeline company's stock, valued at approximately $423,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SCS Capital Management LLC acquired a new stake in Targa Resources in the 1st quarter valued at $5,711,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Targa Resources by 20.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,577,637 shares of the pipeline company's stock valued at $316,269,000 after buying an additional 272,770 shares during the last quarter. Woodline Partners LP increased its position in shares of Targa Resources by 40.7% during the first 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 in the last quarter. MBB Public Markets I LLC bought a new stake in shares of Targa Resources during the first quarter worth about $320,000. Finally, Coppell Advisory Solutions LLC raised its holdings in shares of Targa Resources by 1,137.9% in the 1st quarter. Coppell Advisory Solutions LLC now owns 11,649 shares of the pipeline company's stock worth $2,335,000 after acquiring an additional 10,708 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Cfra Research upgraded Targa Resources to a "hold" rating in a report on Friday, August 8th. Mizuho dropped their price target on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. Wall Street Zen cut shares of Targa Resources from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. Finally, Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $208.86.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $3.81 during midday trading on Thursday, hitting $170.33. The company's stock had a trading volume of 886,632 shares, compared to its average volume of 1,803,285. The firm has a market capitalization of $36.65 billion, a price-to-earnings ratio of 24.11, a P/E/G ratio of 1.00 and a beta of 1.20. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The stock has a fifty day moving average price of $165.34 and a 200 day moving average price of $170.89. Targa Resources, Inc. has a one year low of $144.30 and a one year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (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, research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 56.58%.

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.