Targa Resources, Inc. $TRGP Shares Bought by Bahl & Gaynor Inc.

Key Points

• Bahl & Gaynor Inc. increased its holdings in Targa Resources, purchasing an additional 56,341 shares, bringing its total to 932,440 shares, which represents 1.0% of its investment portfolio.
• Targa Resources reported earnings of $2.87 per share for the last quarter, surpassing analyst expectations of $1.95, with a revenue of $4.26 billion, below the anticipated $4.82 billion.
• The company recently announced a quarterly dividend of $1.00 per share, marking a significant increase from its previous dividend of $0.12, resulting in an annualized yield of 2.5%.

Bahl & Gaynor Inc. lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 932,440 shares of the pipeline company's stock after buying an additional 56,341 shares during the period. Targa Resources makes up about 1.0% of Bahl & Gaynor Inc.'s portfolio, making the stock its 28th largest position. Bahl & Gaynor Inc. owned approximately 0.43% of Targa Resources worth $186,926,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. GQG Partners LLC lifted its holdings in shares of Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after purchasing an additional 1,410,747 shares during the last quarter. Nuveen LLC acquired a new position in Targa Resources during the 1st quarter valued at about $196,351,000. Wellington Management Group LLP raised its stake in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after buying an additional 962,631 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Targa Resources by 22,699.0% in the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after acquiring an additional 924,305 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Targa Resources by 43.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after acquiring an additional 834,666 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Targa Resources stock traded up $1.36 during midday trading on Thursday, hitting $166.53. 307,738 shares of the company were exchanged, compared to its average volume of 1,846,072. The business has a fifty day simple moving average of $167.50 and a two-hundred day simple moving average of $174.81. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The firm has a market capitalization of $35.84 billion, a PE ratio of 23.55, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12. Targa Resources, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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. The business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current 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 issued a $1.00 dividend. The ex-dividend date of this dividend 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 2.4%. Targa Resources's dividend payout ratio is presently 56.58%.

Analyst Ratings Changes

A number of brokerages have issued reports on TRGP. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 23rd. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. UBS Group decreased their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Finally, Barclays increased their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Company 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.