AG2R LA Mondiale Gestion D Actifs Acquires Shares of 30,829 Targa Resources, Inc. $TRGP

Key Points

• AG2R LA Mondiale Gestion D Actifs acquired a new stake in Targa Resources, Inc., purchasing 30,829 shares valued at approximately $6.18 million.
• Institutional investors hold 92.13% of Targa Resources' stock, indicating strong interest in the company, with various hedge funds significantly increasing their stakes in the first quarter.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, a substantial increase from its previous dividend of $0.12, representing an annualized yield of 2.4%.

AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,829 shares of the pipeline company's stock, valued at approximately $6,180,000.

A number of other hedge funds have also recently bought and sold shares of the company. Voya Investment Management LLC grew its holdings in Targa Resources by 92.3% during the 1st quarter. Voya Investment Management LLC now owns 395,420 shares of the pipeline company's stock valued at $79,137,000 after purchasing an additional 189,794 shares in the last quarter. Strs Ohio acquired a new stake in shares of Targa Resources in the first quarter worth $1,563,000. Belpointe Asset Management LLC purchased a new stake in Targa Resources in the 1st quarter worth approximately $224,000. Intech Investment Management LLC raised its position in Targa Resources by 16.5% during the first quarter. Intech Investment Management LLC now owns 46,399 shares of the pipeline company's stock valued at $9,302,000 after acquiring an additional 6,573 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after acquiring an additional 2,404 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Performance

NYSE TRGP traded down $0.33 during trading hours on Tuesday, hitting $163.00. The company's stock had a trading volume of 1,462,573 shares, compared to its average volume of 1,808,495. The company has a market cap of $35.08 billion, a P/E ratio of 23.06, a price-to-earnings-growth ratio of 1.02 and a beta of 1.21. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The company's 50 day simple moving average is $165.67 and its two-hundred day simple moving average is $170.98. Targa Resources, Inc. has a 12 month low of $144.30 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results 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. The firm had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's payout ratio is currently 56.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TRGP. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Barclays upped their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Wall Street Zen cut shares of Targa Resources from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Mizuho decreased their price target on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. One 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 data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $208.86.

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.