Miller Howard Investments Inc. NY Purchases 62,652 Shares of Targa Resources, Inc. $TRGP

Key Points

• Miller Howard Investments increased its stake in Targa Resources by 37.3% in the first quarter, buying 62,652 additional shares to bring its total holding to 230,592 shares worth about $57.8 million.
• Targa Resources reported first-quarter EPS of $2.21 versus expectations of $2.48, and revenue of $4.09 billion versus the $4.68 billion consensus estimate.
• The company recently raised its quarterly dividend to $1.25 per share from $1.00, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $272.73.

Miller Howard Investments Inc. NY raised its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 37.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 230,592 shares of the pipeline company's stock after buying an additional 62,652 shares during the period. Targa Resources comprises about 1.6% of Miller Howard Investments Inc. NY's investment portfolio, making the stock its 23rd biggest holding. Miller Howard Investments Inc. NY owned approximately 0.11% of Targa Resources worth $57,816,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Cidel Asset Management Inc. purchased a new position in Targa Resources during the 1st quarter valued at about $276,000. Krilogy Financial LLC lifted its holdings in Targa Resources by 118.9% in the 1st quarter. Krilogy Financial LLC now owns 4,095 shares of the pipeline company's stock worth $982,000 after buying an additional 2,224 shares during the period. Essex Bank bought a new stake in shares of Targa Resources in the 1st quarter worth approximately $247,000. XML Financial LLC increased its stake in shares of Targa Resources by 77.1% during the first quarter. XML Financial LLC now owns 2,125 shares of the pipeline company's stock valued at $533,000 after buying an additional 925 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in shares of Targa Resources by 459.7% during the first quarter. Capital Advisors Ltd. LLC now owns 1,528 shares of the pipeline company's stock valued at $383,000 after buying an additional 1,255 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $268.76 on Wednesday. The stock has a market cap of $57.69 billion, a price-to-earnings ratio of 27.17, a PEG ratio of 1.35 and a beta of 0.72. The business's fifty day moving average is $257.71 and its 200 day moving average is $227.58. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate 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%. Research analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend 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 yield of 1.9%. Targa Resources's payout ratio is presently 50.56%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. Scotiabank raised their price target on Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Morgan Stanley upped their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, TD Cowen lifted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the company a "hold" rating in a research note on Monday, May 11th. Sixteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $272.73.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm's 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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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