Collaborative Fund Advisors LLC Acquires New Shares in Targa Resources, Inc. $TRGP

Collaborative Fund Advisors LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, HoldingsChannel reports. The firm bought 4,134 shares of the pipeline company’s stock, valued at approximately $1,037,000.

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

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 0.0%

Shares of NYSE:TRGP opened at $258.85 on Monday. The stock’s 50-day simple moving average is $262.36 and its two-hundred day simple moving average is $232.29. The stock has a market capitalization of $55.56 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. 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 (NYSE:TRGP) last released 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 net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Analysts expect that Targa Resources, Inc. will post 10.75 EPS 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 dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.9%. This is a positive change 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 presently 50.56%.

Analysts Set New Price Targets

TRGP has been the topic of several research analyst reports. UBS Group upped their target price on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Morgan Stanley boosted their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Mizuho increased 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. Citigroup restated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $272.73.

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.