Brasada Capital Management LP Makes New $6.86 Million Investment in Targa Resources, Inc. $TRGP

Brasada Capital Management LP acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 25,564 shares of the pipeline company’s stock, valued at approximately $6,855,000.

Several other large investors also recently modified their holdings of TRGP. Hardy Reed LLC lifted its stake in shares of Targa Resources by 1.0% in the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after acquiring an additional 41 shares in the last quarter. Versant Capital Management Inc grew its stake in Targa Resources by 4.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after purchasing an additional 45 shares in the last quarter. Hantz Financial Services Inc. grew its stake in Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after purchasing an additional 50 shares in the last quarter. River Wealth Advisors LLC grew its stake in Targa Resources by 0.3% during the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after purchasing an additional 50 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after purchasing an additional 51 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 1.5%

Shares of Targa Resources stock opened at $289.49 on Friday. The business has a 50-day moving average price of $274.46 and a 200 day moving average price of $256.89. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The firm has a market cap of $62.07 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.40 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, sell-side analysts forecast that Targa Resources, Inc. will post 11.2 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio is currently 47.80%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction 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 directly owned 62,292 shares in the company, valued at $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TRGP. Barclays upped their target price on Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Royal Bank Of Canada raised their price target on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Jefferies Financial Group upped their price target on shares of Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $298.71.

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.