84,551 Shares in Targa Resources, Inc. (NYSE:TRGP) Purchased by ASR Vermogensbeheer N.V.

Key Points

• ASR Vermogensbeheer N.V. has acquired a new position in Targa Resources, purchasing 84,551 shares valued at approximately $16.9 million in the first quarter.
• Targa Resources announced a quarterly dividend of $1.00 per share, which marks a significant increase from its previous dividend of $0.12, indicating a positive trend in shareholder returns.
• Analysts currently have a consensus rating of "Buy" for Targa Resources, with a target price averaging around $209.86, despite some recent adjustments to prior price targets.

ASR Vermogensbeheer N.V. acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 84,551 shares of the pipeline company's stock, valued at approximately $16,949,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Bessemer Group Inc. boosted its position in Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after buying an additional 495 shares during the period. Oppenheimer & Co. Inc. boosted its position in 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 buying an additional 823 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Targa Resources in the 1st quarter valued at approximately $544,000. Vontobel Holding Ltd. boosted 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 valued at $753,000 after buying an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted 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 valued at $408,000 after buying an additional 111 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. TD Cowen assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Tuesday, July 15th. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Barclays lifted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, TD Securities started coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating for the company. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $208.79.

Targa Resources Stock Performance

Shares of Targa Resources stock traded down $1.82 on Friday, reaching $165.07. 2,023,021 shares of the stock were exchanged, compared to its average volume of 1,403,008. Targa Resources, Inc. has a 1-year low of $135.16 and a 1-year high of $218.51. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The business has a fifty day moving average price of $168.36 and a two-hundred day moving average price of $178.36. The firm has a market capitalization of $35.81 billion, a PE ratio of 23.35, a PEG ratio of 1.09 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 40.21%. As a group, research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This is an increase from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's payout ratio is presently 73.66%.

Targa Resources 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.