Summit Financial LLC Increases Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Summit Financial LLC increased its stake in Targa Resources, Inc. by 96.6% in the first quarter, owning 9,080 shares valued at $1.82 million after acquiring 4,462 additional shares.
• Targa Resources reported $2.87 EPS for the quarter, exceeding analysts' expectations of $1.95, along with a net margin of 8.99%.
• The company announced a quarterly dividend of $1.00, resulting in an annualized dividend yield of 2.5%, which marks a significant increase from its previous dividend of $0.12.

Summit Financial LLC raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 96.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,080 shares of the pipeline company's stock after purchasing an additional 4,462 shares during the quarter. Summit Financial LLC's holdings in Targa Resources were worth $1,820,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Snowden Capital Advisors LLC lifted its holdings in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after buying an additional 53 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after buying an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC lifted its holdings in shares of Targa Resources by 3.6% in the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after buying an additional 62 shares in the last quarter. Curated Wealth Partners LLC lifted its holdings in shares of Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after buying an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP lifted its holdings in shares of Targa Resources by 0.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after buying an additional 74 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 1.3%

NYSE:TRGP traded up $2.08 during trading hours on Wednesday, hitting $165.16. The company had a trading volume of 1,254,473 shares, compared to its average volume of 1,852,643. The company has a market capitalization of $35.54 billion, a PE ratio of 23.36, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The stock has a 50-day moving average price of $167.58 and a 200 day moving average price of $174.87. Targa Resources, Inc. has a 52 week low of $142.11 and a 52 week high of $218.51. 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 (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 56.58%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $209.21.

Targa Resources Company 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.