OneAscent Investment Solutions LLC Purchases New Position in Targa Resources, Inc. $TRGP

Key Points

• OneAscent Investment Solutions LLC acquired a new stake in Targa Resources, purchasing 3,676 shares valued at approximately $737,000, making it the 22nd largest holding in their portfolio.
• Targa Resources reported quarterly earnings of $2.87 per share, surpassing expectations of $1.95, with revenues of $4.26 billion for the quarter.
• The company announced an increase in its quarterly dividend from $0.12 to $1.00 per share, representing a 2.4% annualized yield.

OneAscent Investment Solutions LLC acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,676 shares of the pipeline company's stock, valued at approximately $737,000. Targa Resources makes up about 0.9% of OneAscent Investment Solutions LLC's investment portfolio, making the stock its 22nd biggest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bessemer Group Inc. lifted its position in Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after acquiring an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in Targa Resources by 48.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in Targa Resources in the 1st quarter valued at about $544,000. Vontobel Holding Ltd. increased its stake in Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after buying an additional 864 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its stake in Targa Resources by 5.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after buying an additional 111 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Thursday. UBS Group decreased their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. JPMorgan Chase & Co. raised their price target 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. Finally, TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Targa Resources currently has an average rating of "Moderate Buy" and a consensus target price of $209.21.

Targa Resources Price Performance

NYSE:TRGP traded down $0.8670 during trading hours on Tuesday, hitting $160.1830. The stock had a trading volume of 358,236 shares, compared to its average volume of 1,864,907. The company has a 50 day simple moving average of $168.54 and a two-hundred day simple moving average of $176.33. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a one year low of $140.90 and a one year high of $218.51. The firm has a market capitalization of $34.47 billion, a price-to-earnings ratio of 22.68, a P/E/G ratio of 1.02 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, July 31st. This is a boost 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.