BROOKFIELD Corp ON Has $234.65 Million Position in Targa Resources, Inc. $TRGP

Key Points

• BROOKFIELD Corp ON reduced its stake in Targa Resources by 5.0%, selling 61,480 shares, which now represents 1.3% of its total holdings.
• Targa Resources has increased its quarterly dividend to $1.00 per share, up from $0.12, indicating a 2.4% dividend yield.
• The company reported an impressive EPS of $2.87, surpassing analysts' expectations, but had revenues below estimates at $4.26 billion.

BROOKFIELD Corp ON lessened its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,170,508 shares of the pipeline company's stock after selling 61,480 shares during the quarter. Targa Resources makes up approximately 1.3% of BROOKFIELD Corp ON's holdings, making the stock its 11th biggest holding. BROOKFIELD Corp ON owned about 0.54% of Targa Resources worth $234,652,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. boosted its stake in Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock valued at $5,529,820,000 after acquiring an additional 423,667 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the period. Invesco Ltd. boosted its position in shares of Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock worth $915,338,000 after purchasing an additional 139,780 shares during the last quarter. GQG Partners LLC grew its stake in shares of Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock valued at $568,217,000 after purchasing an additional 77,999 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

TRGP stock traded up $3.18 during trading hours on Wednesday, reaching $166.12. The stock had a trading volume of 512,431 shares, compared to its average volume of 1,801,113. The stock has a 50-day simple moving average of $165.44 and a 200 day simple moving average of $170.93. Targa Resources, Inc. has a fifty-two week low of $144.30 and a fifty-two week high of $218.51. The stock has a market capitalization of $35.75 billion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given 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 dividend yield of 2.4%. Targa Resources's payout ratio is 56.58%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Barclays raised their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Royal Bank Of Canada increased their target price on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $208.86.

About Targa Resources

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.