Infrastructure Capital Advisors LLC Purchases 4,114 Shares of Targa Resources, Inc. $TRGP

Infrastructure Capital Advisors LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.6% during the 1st quarter, Holdings Channel reports. The fund owned 93,591 shares of the pipeline company’s stock after purchasing an additional 4,114 shares during the period. Targa Resources makes up approximately 1.6% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 14th biggest position. Infrastructure Capital Advisors LLC’s holdings in Targa Resources were worth $23,466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Woodline Partners LP raised its stake in Targa Resources by 40.7% during the first 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 in the last quarter. Focus Partners Wealth grew its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after buying an additional 2,404 shares in the last quarter. Baird Financial Group Inc. increased its holdings in shares of 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 during the last quarter. Brown Advisory Inc. increased its holdings in shares of 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 during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock valued at $5,550,000 after buying an additional 3,163 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred 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 transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $310.00 price target on shares of Targa Resources in a report on Tuesday, July 21st. Jefferies Financial Group started coverage on Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 price objective on the stock. Scotiabank upped their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Barclays raised their price objective on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $333.00 price objective on shares of Targa Resources in a research report on Tuesday, July 21st. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.00.

Targa Resources Trading Down 5.0%

Shares of TRGP opened at $267.35 on Tuesday. The firm has a market capitalization of $57.38 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.44 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $291.04. The company has a 50-day moving average of $269.71 and a 200 day moving average of $243.03.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate 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 expect that Targa Resources, Inc. will post 10.76 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s payout ratio is presently 50.56%.

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.