QRG Capital Management Inc. Increases Stake in Targa Resources, Inc. $TRGP

Key Points

• QRG Capital Management increased its stake in Targa Resources by 40.6% in the first quarter, bringing its holdings to 17,523 shares valued at about $4.39 million.
• Institutional interest in the pipeline company remains strong, with hedge funds and other investors owning 92.13% of Targa Resources’ shares.
• Wall Street is broadly bullish on TRGP, with 17 Buy ratings and a consensus Moderate Buy rating, though the company recently missed earnings and revenue expectations for the quarter.

QRG Capital Management Inc. grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 40.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,523 shares of the pipeline company's stock after purchasing an additional 5,059 shares during the quarter. QRG Capital Management Inc.'s holdings in Targa Resources were worth $4,393,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Woodline Partners LP boosted its position in 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 during the last quarter. Focus Partners Wealth raised its holdings in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after acquiring an additional 2,404 shares during the last quarter. Baird Financial Group Inc. raised its holdings in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after acquiring an additional 219 shares during the last quarter. Brown Advisory Inc. lifted its stake in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock worth $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock worth $5,550,000 after purchasing an additional 3,163 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TRGP shares. Stifel Nicolaus set a $268.00 target price on Targa Resources in a report on Friday, May 8th. Morgan Stanley increased their price target on Targa Resources from $327.00 to $331.00 and gave the company an "overweight" rating in a report on Tuesday, May 12th. Citigroup reiterated a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Truist Financial boosted their price objective on Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Finally, Seaport Research Partners restated a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $272.73.

Targa Resources Stock Performance

NYSE:TRGP opened at $258.85 on Monday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $55.56 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 1.32 and a beta of 0.71. The company's 50-day moving average is $262.36 and its two-hundred day moving average is $232.29. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during 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%. Analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current 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 given a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This is a positive change 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 dividend payout ratio (DPR) is currently 50.56%.

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 on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company's stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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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