Todd Asset Management LLC Buys Shares of 139,630 Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Todd Asset Management LLC acquired 139,630 shares of Targa Resources, valued at approximately $27.99 million, representing a 0.06% ownership of the company.
• Several institutional investors increased their stakes, with Bessemer Group Inc. raising theirs by 25.1% and Oppenheimer & Co. Inc. by 48.1% in the first quarter.
• Targa Resources raised its quarterly dividend to $1.00 per share, which reflects a significant increase from the previous $0.12, resulting in an annualized yield of 2.4%.

Todd Asset Management LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 139,630 shares of the pipeline company's stock, valued at approximately $27,992,000. Todd Asset Management LLC owned 0.06% of Targa Resources as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC grew its stake in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the period. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $31,000. Colonial Trust Co SC grew its stake in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the period. Cary Street Partners Financial LLC bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $32,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of several analyst reports. TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective on the stock. UBS Group lowered their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating on the stock. Citigroup reduced their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, The Goldman Sachs Group reduced their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average price target of $209.00.

Targa Resources Trading Down 0.8%

NYSE:TRGP traded down $1.35 during trading hours on Wednesday, hitting $166.69. 1,787,743 shares of the stock were exchanged, compared to its average volume of 1,546,349. The company's 50 day moving average is $168.61 and its two-hundred day moving average is $177.46. Targa Resources, Inc. has a twelve month low of $136.60 and a twelve month high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company has a market capitalization of $35.87 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 1.05 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.