Algert Global LLC Purchases Shares of 15,215 Targa Resources, Inc. $TRGP

Algert Global LLC purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the first quarter, HoldingsChannel.com reports. The fund purchased 15,215 shares of the pipeline company’s stock, valued at approximately $3,050,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cornerstone Planning Group LLC increased its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 110 shares during the last quarter. Colonial Trust Co SC increased its holdings in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC bought a new stake in shares of Targa Resources in the 4th quarter worth about $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth about $32,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TRGP shares. Citigroup reduced their target price on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. boosted their target price 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. Barclays boosted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. UBS Group reduced their target price on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a report on Thursday, May 15th. Finally, Cfra Research upgraded shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.21.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $162.5120 on Thursday. The company has a market capitalization of $34.97 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 1.01 and a beta of 1.12. Targa Resources, Inc. has a 12 month low of $141.58 and a 12 month high of $218.51. The firm’s 50-day moving average is $168.30 and its 200 day moving average is $176.13. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.5%. Targa Resources’s dividend payout ratio is presently 56.58%.

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.