Targa Resources, Inc. $TRGP Stock: Miller Howard Investments Inc. NY Raises Holdings

Key Points

• Miller Howard Investments increased its Targa Resources stake by 4.4% in the third quarter, bringing its holdings to 252,460 shares worth approximately $68.2 million. Institutional investors collectively own 92.13% of TRGP.
• Targa Resources reported quarterly EPS of $3.54, beating estimates of $2.83, while revenue reached $4.44 billion. The company declared a quarterly dividend of $1.25 per share, equivalent to a 1.6% yield.
• Analysts remain bullish, with the stock carrying a consensus “Buy” rating and an average price target of $319.25, compared with its reported opening price of $304.44.

Miller Howard Investments Inc. NY increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 252,460 shares of the pipeline company's stock after purchasing an additional 10,543 shares during the period. Targa Resources accounts for approximately 1.8% of Miller Howard Investments Inc. NY's portfolio, making the stock its 12th largest position. Miller Howard Investments Inc. NY owned 0.12% of Targa Resources worth $68,243,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Apollon Wealth Management LLC raised its stake in Targa Resources by 21.5% in the third quarter. Apollon Wealth Management LLC now owns 25,276 shares of the pipeline company's stock valued at $6,832,000 after buying an additional 4,472 shares in the last quarter. Sigma Planning Corp purchased a new stake in Targa Resources during the 3rd quarter worth about $1,141,000. Signaturefd LLC boosted its position in shares of Targa Resources by 3.8% during the 3rd quarter. Signaturefd LLC now owns 6,380 shares of the pipeline company's stock worth $1,725,000 after acquiring an additional 236 shares in the last quarter. Carolina Wealth Advisors LLC boosted its position in shares of Targa Resources by 1.2% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 16,035 shares of the pipeline company's stock worth $4,334,000 after acquiring an additional 184 shares in the last quarter. Finally, Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 0.6% during the 3rd quarter. Capital Investment Advisors LLC now owns 33,955 shares of the pipeline company's stock worth $9,178,000 after acquiring an additional 211 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP opened at $304.44 on Tuesday. Targa Resources, Inc. has a 1-year low of $150.00 and a 1-year high of $307.94. The stock has a market cap of $65.28 billion, a PE ratio of 29.10, a price-to-earnings-growth ratio of 1.25 and a beta of 0.80. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a fifty day moving average price of $288.57 and a 200 day moving average price of $255.56.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 11.42 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources's payout ratio is presently 47.80%.

Insider Activity

In related news, Director Charles R. Crisp sold 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Paul W. Chung sold 1,816 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 7,216 shares of company stock valued at $2,127,634. Insiders own 1.37% of the company's stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. Jefferies Financial Group reiterated a "buy" rating and issued a $326.00 price objective on shares of Targa Resources in a report on Thursday, October 15th. BMO Capital Markets boosted their target price on Targa Resources from $303.00 to $328.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 21st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $340.00 price target on shares of Targa Resources in a report on Tuesday, October 20th. Citigroup upped their price target on Targa Resources from $303.00 to $325.00 and gave the company a "buy" rating in a report on Tuesday, October 13th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $322.00 price target on shares of Targa Resources in a research note on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. According to data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and a consensus target price of $319.25.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company's services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.

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