Townsquare Capital LLC Purchases 1,528 Shares of Targa Resources, Inc. $TRGP

Key Points

• Townsquare Capital LLC increased its stake in Targa Resources by 43.7%, owning 5,023 shares worth approximately $1,007,000 at the end of the most recent quarter.
• Analyst ratings for Targa Resources have been mostly positive, with an average rating of "Moderate Buy" and a revised price target, reaching as high as $209.21.
• Targa Resources recently announced a quarterly dividend increase to $1.00 per share, reflecting an annualized yield of 2.4%, up from the previous quarterly dividend of $0.12.

Townsquare Capital LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 43.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,023 shares of the pipeline company's stock after acquiring an additional 1,528 shares during the period. Townsquare Capital LLC's holdings in Targa Resources were worth $1,007,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in TRGP. Cornerstone Planning Group LLC increased its position in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares in the last quarter. Colonial Trust Co SC increased its position in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $32,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.1%

NYSE TRGP traded up $0.1330 during trading on Tuesday, reaching $161.1830. The company's stock had a trading volume of 257,698 shares, compared to its average volume of 1,863,878. 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 stock has a market capitalization of $34.68 billion, a PE ratio of 22.79, a PEG ratio of 1.02 and a beta of 1.12. The business has a 50-day moving average price of $168.54 and a 200-day moving average price of $176.33. Targa Resources, Inc. has a 1-year low of $140.90 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during 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, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. TD Securities initiated coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating for the company. UBS Group decreased their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Finally, Mizuho set a $212.00 price target on shares of Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources presently has an average rating of "Moderate Buy" and an average target price of $209.21.

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.