Brookstone Capital Management Acquires New Stake in Targa Resources, Inc. $TRGP

Brookstone Capital Management bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, HoldingsChannel.com reports. The institutional investor bought 5,231 shares of the pipeline company’s stock, valued at approximately $1,312,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Woodline Partners LP increased its position in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth grew its holdings in Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. grew its holdings in Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. raised its position in Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after acquiring an additional 524 shares in the last quarter. Finally, Cerity Partners LLC raised its position in Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after acquiring an additional 3,163 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of research analyst reports. Mizuho raised their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. UBS Group raised their target price on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday, May 8th. Finally, US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $272.73.

Targa Resources Stock Up 2.6%

Targa Resources stock opened at $273.25 on Friday. The firm’s 50 day moving average price is $258.91 and its two-hundred day moving average price is $228.83. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The firm has a market cap of $58.65 billion, a PE ratio of 27.63, a P/E/G ratio of 1.36 and a beta of 0.72.

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

Targa Resources Increases Dividend

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

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources 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 completion of the sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.37% of the stock is owned by company insiders.

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.