Empowered Funds LLC Has $15.60 Million Stake in Targa Resources, Inc. $TRGP

Empowered Funds LLC boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 212.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,235 shares of the pipeline company’s stock after acquiring an additional 42,286 shares during the quarter. Empowered Funds LLC’s holdings in Targa Resources were worth $15,604,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the 4th quarter worth about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG bought a new stake in Targa Resources during the fourth quarter worth about $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $37,000. Finally, Global Assets Advisory LLC bought a new position in shares of Targa Resources in the first quarter valued at approximately $41,000. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In related 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 value 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. This trade 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 can be accessed through the SEC website. 1.37% of the stock is currently owned by insiders.

Targa Resources Stock Up 1.2%

NYSE:TRGP opened at $264.71 on Thursday. The company has a market cap of $56.82 billion, a price-to-earnings ratio of 26.77, a P/E/G ratio of 1.33 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock’s fifty day moving average price is $269.31 and its two-hundred day moving average price is $244.26. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04.

Targa Resources (NYSE:TRGP) last released its 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%. On average, analysts anticipate that Targa Resources, Inc. will post 10.79 EPS for the current year.

Targa Resources Announces Dividend

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 annualized dividend and a yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TRGP shares. Royal Bank Of Canada restated an “outperform” rating and set a $310.00 price target on shares of Targa Resources in a research report on Tuesday, July 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Mizuho boosted their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note 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 restated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $288.00.

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.