Brookstone Capital Management Invests $1.31 Million in Targa Resources, Inc. $TRGP

Brookstone Capital Management purchased a new position in Targa Resources, Inc. (NYSE:TRGP) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,231 shares of the pipeline company’s stock, valued at approximately $1,312,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter valued at approximately $27,000. Olistico Wealth LLC bought a new position in Targa Resources during the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $30,000. Leonteq Securities AG acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $37,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TRGP shares. UBS Group upped their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Scotiabank lifted their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Barclays boosted their target price on shares of Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Truist Financial increased their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $272.73.

Targa Resources Trading Up 2.6%

Targa Resources stock opened at $273.25 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The firm has a 50-day moving average price of $258.91 and a two-hundred day moving average price of $228.83. The firm has a market capitalization of $58.65 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 1.36 and a beta of 0.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00.

Targa Resources (NYSE:TRGP) last announced 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). The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Sell-side analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is 50.56%.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.37% of the company’s stock.

About Targa Resources

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.