BOCHK Asset Management Ltd Purchases New Position in Targa Resources, Inc. (NYSE:TRGP)

BOCHK Asset Management Ltd purchased a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,200 shares of the pipeline company's stock, valued at approximately $441,000. Targa Resources makes up 0.2% of BOCHK Asset Management Ltd's holdings, making the stock its 22nd biggest holding.

Other large investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter worth about $505,132,000. GQG Partners LLC bought a new stake in Targa Resources during the fourth quarter worth approximately $393,335,000. Canada Pension Plan Investment Board grew its holdings in Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after purchasing an additional 1,038,350 shares during the last quarter. GAMMA Investing LLC grew its holdings in Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock valued at $186,112,000 after purchasing an additional 924,305 shares during the last quarter. Finally, TD Asset Management Inc. raised its position in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after purchasing an additional 825,267 shares during the period. Institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on TRGP. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Royal Bank Of Canada reissued an "outperform" rating and set a $205.00 target price (up previously from $191.00) on shares of Targa Resources in a research report on Thursday, June 26th. Scotiabank raised their price target on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a research report on Thursday, June 5th. Citigroup dropped their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Barclays cut their price objective on Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a research report on Tuesday, May 20th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $208.31.

Targa Resources Stock Performance

Targa Resources stock traded down $0.87 during trading hours on Monday, hitting $172.65. The stock had a trading volume of 1,368,677 shares, compared to its average volume of 1,838,127. The company has a 50-day moving average of $166.38 and a two-hundred day moving average of $182.30. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a fifty-two week low of $122.56 and a fifty-two week high of $218.51. The company has a market cap of $37.45 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 0.62 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. On average, equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's payout ratio is currently 73.66%.

Targa Resources Company Profile

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.