AQR Capital Management LLC Boosts Stake in Targa Resources, Inc. $TRGP

Key Points

• AQR Capital Management LLC increased its stake in Targa Resources, Inc. by 62.1% during the first quarter, acquiring an additional 221,484 shares to own a total of 578,402 shares valued at approximately $114.27 million.
• Analysts have set a new average price target of $208.86 for Targa Resources, with several ratings ranging from "Buy" to "Hold" and notable adjustments from firms like Citigroup and Wells Fargo.
• Targa Resources announced a significant increase in its quarterly dividend, raising it from $0.12 to $1.00 per share, representing a dividend yield of 2.4%.

AQR Capital Management LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 62.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 578,402 shares of the pipeline company's stock after purchasing an additional 221,484 shares during the quarter. AQR Capital Management LLC owned about 0.27% of Targa Resources worth $114,269,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of TRGP. Cornerstone Planning Group LLC raised its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the last quarter. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares during the period. Cary Street Partners Financial LLC acquired a new stake in Targa Resources during the fourth quarter worth about $31,000. Ameriflex Group Inc. acquired a new stake in Targa Resources during the fourth quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in Targa Resources during the fourth quarter worth about $32,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on TRGP shares. Mizuho dropped their target price on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, August 29th. TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Royal Bank Of Canada raised their price objective on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Finally, UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and an average target price of $208.86.

Targa Resources Trading Up 0.5%

Targa Resources stock traded up $0.84 during trading on Tuesday, reaching $161.36. 1,176,600 shares of the company were exchanged, compared to its average volume of 1,827,737. Targa Resources, Inc. has a 52-week low of $142.11 and a 52-week high of $218.51. The company has a market capitalization of $34.72 billion, a P/E ratio of 22.82, a PEG ratio of 0.99 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 stock's 50 day simple moving average is $166.59 and its two-hundred day simple moving average is $172.16.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. On average, equities research analysts expect 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 was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. Targa Resources's dividend payout ratio (DPR) is 56.58%.

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.