IPG Investment Advisors LLC Purchases New Shares in Targa Resources, Inc. $TRGP

Key Points

• IPG Investment Advisors initiated a new position in Targa Resources, buying 8,594 shares valued at about $1.59 million in the fourth quarter.
• Targa Resources reported mixed quarterly results, with EPS of $2.21 missing expectations of $2.48 and revenue of $4.09 billion below the $4.68 billion consensus.
• The company raised its quarterly dividend to $1.25 per share, while analysts remain broadly positive with a Moderate Buy rating and an average price target of $269.21.

IPG Investment Advisors LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,594 shares of the pipeline company's stock, valued at approximately $1,586,000.

Several other hedge funds also recently made changes to their positions in the company. Kingsview Wealth Management LLC boosted its position in shares of Targa Resources by 1.1% during the fourth quarter. Kingsview Wealth Management LLC now owns 23,548 shares of the pipeline company's stock valued at $4,345,000 after purchasing an additional 266 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Targa Resources by 1.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 15,494 shares of the pipeline company's stock worth $2,859,000 after acquiring an additional 157 shares in the last quarter. Cary Street Partners Financial LLC boosted its holdings in Targa Resources by 3,003.2% in the fourth quarter. Cary Street Partners Financial LLC now owns 1,924 shares of the pipeline company's stock worth $355,000 after acquiring an additional 1,862 shares in the last quarter. Finally, Allstate Corp boosted its holdings in Targa Resources by 99.9% in the fourth quarter. Allstate Corp now owns 16,282 shares of the pipeline company's stock worth $3,004,000 after acquiring an additional 8,135 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 2.4%

Targa Resources stock opened at $263.33 on Thursday. The stock has a market cap of $56.52 billion, a PE ratio of 26.63, a price-to-earnings-growth ratio of 1.69 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. The stock has a fifty day moving average of $250.42 and a 200 day moving average of $215.27.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 10.66 EPS for the current year.

Targa Resources Increases Dividend

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

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. Morgan Stanley boosted their target price on Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. TD Cowen boosted their target price on Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a report on Monday, May 11th. The Goldman Sachs Group boosted their target price on Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a report on Monday, April 20th. UBS Group boosted their target price on Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Finally, BMO Capital Markets reissued an "outperform" rating and issued a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $269.21.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 24,589 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the sale, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 66,728 shares of company stock worth $16,196,694. 1.37% of the stock is owned by insiders.

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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