Targa Resources, Inc. $TRGP Stock Holdings Increased by Eagle Global Advisors LLC

Key Points

• Eagle Global Advisors LLC increased its stake in Targa Resources, Inc. by 1.7%, owning approximately $87.5 million worth of shares which represents 3.5% of their holdings.
• Targa Resources recently reported quarterly earnings of $2.87 per share, significantly exceeding analysts' expectations of $1.95 per share.
• The company declared a quarterly dividend of $1.00 per share, which reflects a yield of 2.3% and is a notable increase from the previous dividend of $0.12.

Eagle Global Advisors LLC boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 502,715 shares of the pipeline company's stock after buying an additional 8,355 shares during the quarter. Targa Resources accounts for about 3.5% of Eagle Global Advisors LLC's holdings, making the stock its 5th biggest holding. Eagle Global Advisors LLC owned approximately 0.23% of Targa Resources worth $87,513,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Cornerstone Planning Group LLC boosted its position in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the period. Ameriflex Group Inc. acquired a new position in Targa Resources during the fourth quarter worth $31,000. Mascagni Wealth Management Inc. purchased a new position in shares of Targa Resources during the fourth quarter worth $32,000. Disciplina Capital Management LLC acquired a new stake in shares of Targa Resources in the first quarter valued at $46,000. Finally, Olde Wealth Management LLC purchased a new stake in shares of Targa Resources in the 1st quarter valued at $52,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $174.36 on Friday. The stock has a market cap of $37.52 billion, a P/E ratio of 24.66, a price-to-earnings-growth ratio of 1.02 and a beta of 1.20. The company has a fifty day simple moving average of $165.34 and a 200-day simple moving average of $170.16. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 12-month low of $144.30 and a 12-month high of $218.51.

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

Targa Resources Increases Dividend

The firm 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 dividend on an annualized basis and a yield of 2.3%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's dividend payout ratio is currently 56.58%.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. BMO Capital Markets assumed coverage on shares of Targa Resources in a research note on Friday, September 19th. They issued an "outperform" rating and a $185.00 price objective for the company. Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Finally, TD Securities began coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $207.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.