QRG Capital Management Inc. Increases Stock Position in Targa Resources, Inc. $TRGP

QRG Capital Management Inc. raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 40.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,523 shares of the pipeline company’s stock after acquiring an additional 5,059 shares during the period. QRG Capital Management Inc.’s holdings in Targa Resources were worth $4,393,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $27,000. Olistico Wealth LLC acquired a new stake in Targa Resources in the 4th quarter valued at approximately $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter valued at approximately $30,000. Leonteq Securities AG purchased a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Sound Income Strategies LLC lifted its stake in Targa Resources by 668.0% during the first quarter. Sound Income Strategies LLC now owns 192 shares of the pipeline company’s stock worth $47,000 after purchasing an additional 167 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s 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 sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Morgan Stanley boosted their price objective on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Wells Fargo & Company raised their target price on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Finally, Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They issued a “buy” rating for the company. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Price Performance

Targa Resources stock opened at $258.85 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. The firm has a market cap of $55.56 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.71. The company’s 50 day moving average is $262.36 and its two-hundred day moving average is $232.29.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Targa Resources 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.