TimesSquare Capital Management LLC Boosts Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• TimesSquare Capital Management increased its stake in Targa Resources by 49.4% in the fourth quarter, bringing its holdings to 350,223 shares valued at about $64.6 million.
• Analysts remain largely constructive on TRGP, with 14 Buy ratings and 3 Hold ratings; the consensus view is a Moderate Buy with a target price of $266.36.
• Targa Resources raised its quarterly dividend to $1.25 per share from $1.00, though its latest earnings missed expectations on both EPS and revenue.

TimesSquare Capital Management LLC lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 49.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 350,223 shares of the pipeline company's stock after acquiring an additional 115,833 shares during the quarter. TimesSquare Capital Management LLC owned 0.16% of Targa Resources worth $64,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of TRGP. Olistico Wealth LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Root Financial Partners LLC purchased a new stake in shares of Targa Resources during the third quarter worth $39,000. Eagle Bay Advisors LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth $42,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth $60,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on TRGP. Seaport Research Partners reiterated a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. TD Cowen boosted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a research note on Monday, May 11th. Truist Financial boosted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Royal Bank Of Canada reiterated an "outperform" rating and set a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Finally, Scotiabank boosted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Fourteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.36.

Insider Activity

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares of the company's stock, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company's stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 115,531 shares of company stock valued at $27,405,821 over the last ninety days. 1.37% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $275.00 on Tuesday. The company has a 50-day simple moving average of $245.52 and a 200-day simple moving average of $209.61. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $275.60. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $59.03 billion, a price-to-earnings ratio of 27.81, a PEG ratio of 1.70 and a beta of 0.75.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. On average, analysts predict that Targa Resources, Inc. will post 10.66 EPS for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a dividend of $1.25 per share. This is an increase from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources's dividend payout ratio is currently 50.56%.

Targa Resources Company 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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