36,943 Shares in Targa Resources, Inc. $TRGP Bought by Meyer Handelman Co.

Key Points

• Meyer Handelman Co. acquired 36,943 shares of Targa Resources in the second quarter, valued at approximately $9.9 million. Institutional investors and hedge funds collectively own 92.13% of the company.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $295.35; recent targets range as high as $335.
• Targa reported quarterly EPS of $3.54, exceeding estimates of $2.83, and declared a $1.25 quarterly dividend, equal to a $5.00 annualized payout and a 1.8% yield.

Meyer Handelman Co. bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 36,943 shares of the pipeline company's stock, valued at approximately $9,906,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its position in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock valued at $6,421,000 after acquiring an additional 12,640 shares during the period. Hsbc Holdings PLC increased its position in Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock worth $151,331,000 after acquiring an additional 53,413 shares during the period. Miller Howard Investments Inc. NY increased its position in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock worth $57,816,000 after acquiring an additional 62,652 shares during the period. Raiffeisen Bank International AG increased its position in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock worth $6,245,000 after acquiring an additional 20,905 shares during the period. Finally, Ninety One UK Ltd raised its stake in Targa Resources by 12.6% during the 4th quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company's stock valued at $18,031,000 after purchasing an additional 10,946 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. Scotiabank upped their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Mizuho increased their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, Barclays increased their target price on shares of Targa Resources from $282.00 to $284.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $295.35.

Targa Resources Trading Up 3.3%

Shares of TRGP opened at $275.77 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The stock has a 50 day simple moving average of $269.33 and a 200-day simple moving average of $250.72. The stock has a market cap of $59.13 billion, a PE ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, sell-side analysts predict that Targa Resources, Inc. will post 11.01 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources's payout ratio is 47.80%.

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.

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