3,393 Shares in Targa Resources, Inc. $TRGP Bought by Graham Capital Management L.P.

Key Points

• Graham Capital Management L.P. acquired 3,393 shares of Targa Resources, Inc. valued at approximately $680,000 in the first quarter.
• Institutional investors now own 92.13% of Targa Resources, with significant increases in holdings reported by Vanguard, Wellington Management, and GQG Partners.
• Targa Resources recently boosted its quarterly dividend to $1.00, representing a 2.5% dividend yield, up from $0.12 per share.

Graham Capital Management L.P. acquired a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,393 shares of the pipeline company's stock, valued at approximately $680,000.

Several other institutional investors have also recently modified their holdings of TRGP. Bessemer Group Inc. grew its position in Targa Resources by 25.1% during the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after acquiring an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Targa Resources by 48.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after purchasing an additional 823 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Targa Resources during the 1st quarter valued at $544,000. Vontobel Holding Ltd. raised its position in Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock worth $753,000 after purchasing an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Targa Resources by 5.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after purchasing an additional 111 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 1.1%

TRGP stock traded up $1.74 on Thursday, reaching $165.15. The company's stock had a trading volume of 953,945 shares, compared to its average volume of 1,271,112. The firm has a market cap of $35.54 billion, a PE ratio of 23.36, a PEG ratio of 1.00 and a beta of 1.20. The business has a fifty day simple moving average of $166.00 and a two-hundred day simple moving average of $171.79. Targa Resources, Inc. has a 12-month low of $144.30 and a 12-month high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. Cfra Research raised Targa Resources to a "hold" rating in a research note on Friday, August 8th. Mizuho decreased their price target on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. Barclays raised their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Finally, Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average price target of $208.86.

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.