Arrowstreet Capital Limited Partnership Purchases New Position in Targa Resources, Inc. $TRGP

Key Points

• Arrowstreet Capital initiated a position in Targa Resources, purchasing 9,306 shares worth approximately $2.33 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources missed quarterly expectations, reporting $2.21 in earnings per share versus the $2.48 consensus estimate and revenue of $4.09 billion versus $4.68 billion expected.
• The company declared a quarterly dividend of $1.25 per share, equal to a $5.00 annualized payout and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $288.

Arrowstreet Capital Limited Partnership purchased a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,306 shares of the pipeline company's stock, valued at approximately $2,333,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Hardy Reed LLC boosted its position in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after purchasing an additional 41 shares in the last quarter. Hantz Financial Services Inc. lifted its position in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock valued at $97,000 after buying an additional 50 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in shares of Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock valued at $1,376,000 after buying an additional 51 shares in the last quarter. First Horizon Corp boosted its holdings in shares of Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock valued at $63,000 after buying an additional 57 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in shares of Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock worth $253,000 after buying an additional 60 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $263.40 on Wednesday. The stock has a market cap of $56.54 billion, a price-to-earnings ratio of 26.63, a PEG ratio of 1.35 and a beta of 0.72. The firm's 50-day moving average is $268.78 and its 200 day moving average is $246.75. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Sell-side analysts anticipate that Targa Resources, Inc. will post 10.8 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources's dividend payout ratio (DPR) is currently 50.56%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $310.00 price target on shares of Targa Resources in a research note on Tuesday, July 21st. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. US Capital Advisors cut shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. UBS Group reaffirmed a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Finally, Scotiabank boosted their price target on Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average target price of $288.00.

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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