Brasada Capital Management LP Invests $6.86 Million in Targa Resources, Inc. $TRGP

Brasada Capital Management LP acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 25,564 shares of the pipeline company’s stock, valued at approximately $6,855,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Woodline Partners LP grew its holdings in Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth lifted its holdings in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. lifted its holdings in shares of Targa Resources by 6.3% during the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. boosted its position in shares of Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after acquiring an additional 3,163 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 1.5%

NYSE TRGP opened at $289.49 on Friday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94. The company’s 50 day moving average price is $274.46 and its 200 day moving average price is $256.89. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market capitalization of $62.07 billion, a price-to-earnings ratio of 27.68, a PEG ratio of 1.40 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. On average, sell-side analysts predict that Targa Resources, Inc. will post 11.2 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio is currently 47.80%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TRGP shares. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Jefferies Financial Group lifted their price target on shares of Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Royal Bank Of Canada upped their price objective on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Morgan Stanley increased their target price on Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $298.71.

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.