Targa Resources, Inc. $TRGP Shares Acquired by Ieq Capital LLC

Key Points

• Ieq Capital LLC has increased its stake in Targa Resources, Inc. by 45.8% in Q1, acquiring a total of 20,984 shares worth approximately $4.2 million.
• Targa Resources reported an EPS of $2.87, surpassing estimates, with a revenue of $4.26 billion for its latest quarter.
• The company announced a quarterly dividend of $1.00 per share, reflecting an increase from its previous dividend and resulting in a 2.4% yield.

Ieq Capital LLC increased its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 45.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,984 shares of the pipeline company's stock after purchasing an additional 6,587 shares during the quarter. Ieq Capital LLC's holdings in Targa Resources were worth $4,207,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Snowden Capital Advisors LLC lifted its holdings in 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 purchasing an additional 53 shares during the period. Ritholtz Wealth Management lifted its holdings in 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 purchasing an additional 62 shares during the period. Stratos Wealth Advisors LLC lifted its holdings in 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 purchasing an additional 62 shares during the period. Curated Wealth Partners LLC lifted its holdings in 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 purchasing an additional 73 shares during the period. Finally, Baker Avenue Asset Management LP lifted its holdings in 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 purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

NYSE TRGP opened at $167.85 on Friday. The stock's 50-day moving average price is $167.39 and its two-hundred day moving average price is $174.29. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The company has a market cap of $36.12 billion, a PE ratio of 23.74, a PEG ratio of 1.02 and a beta of 1.12. Targa Resources, Inc. has a 1 year low of $142.11 and a 1 year high of $218.51.

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 the consensus estimate of $1.95 by $0.92. The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.4%. 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 presently 56.58%.

Analysts Set New Price Targets

Several research firms recently weighed in on TRGP. Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Mizuho dropped their price target on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research report on Friday. TD Cowen assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. Finally, UBS Group dropped their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $208.86.

About Targa Resources

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.

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