SIR Capital Management L.P. Acquires New Shares in Targa Resources, Inc. $TRGP

Key Points

• SIR Capital Management acquired 54,424 shares of Targa Resources worth approximately $14.6 million, making TRGP its 15th-largest holding and about 1.7% of its portfolio. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate. Analysts collectively rate the stock “Buy,” with an average price target of $297.18.
• The company pays a quarterly dividend of $1.25 per share, or $5.00 annualized, representing a 1.7% yield and a 47.8% payout ratio. TRGP opened at $294.10 and remains near its 52-week high of $307.94.

SIR Capital Management L.P. acquired a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 54,424 shares of the pipeline company's stock, valued at approximately $14,593,000. Targa Resources makes up approximately 1.7% of SIR Capital Management L.P.'s holdings, making the stock its 15th biggest position.

A number of other hedge funds have also bought and sold shares of the business. Hardy Reed LLC boosted its holdings in shares of Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after acquiring an additional 41 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Targa Resources by 4.1% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company's stock valued at $307,000 after purchasing an additional 45 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock valued at $97,000 after purchasing an additional 50 shares during the last quarter. River Wealth Advisors LLC lifted its position in Targa Resources by 0.3% during the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company's stock valued at $5,217,000 after purchasing an additional 50 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock valued at $1,376,000 after purchasing an additional 51 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 1.7%

TRGP opened at $294.10 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a market capitalization of $63.06 billion, a PE ratio of 28.12, a PEG ratio of 1.43 and a beta of 0.72. The firm's 50 day simple moving average is $272.62 and its two-hundred day simple moving average is $255.13.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 11.13 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources's payout ratio is 47.80%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. Scotiabank increased their price target on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a report on Tuesday, May 12th. Wolfe Research set a $335.00 price target on Targa Resources in a research note on Friday, August 7th. Jefferies Financial Group lifted their price objective on Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Finally, Raymond James Financial set a $335.00 price objective on Targa Resources in a research report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $297.18.

Targa Resources 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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