Targa Resources, Inc. $TRGP Position Boosted by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in Targa Resources by 96.0%, owning 96,886 shares valued at approximately $19.4 million as of the latest SEC filing.
• Several institutional investors have also significantly increased their positions in Targa Resources, with 92.13% of the stock now held by institutional investors and hedge funds.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, representing an annualized yield of 2.5% and an increase from its previous quarterly dividend of $0.12.

Caisse DE Depot ET Placement DU Quebec increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 96.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,886 shares of the pipeline company's stock after acquiring an additional 47,457 shares during the period. Caisse DE Depot ET Placement DU Quebec's holdings in Targa Resources were worth $19,423,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Integrated Wealth Concepts LLC lifted its stake in Targa Resources by 4.3% in the 4th quarter. Integrated Wealth Concepts LLC now owns 3,425 shares of the pipeline company's stock valued at $611,000 after buying an additional 142 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Targa Resources by 6.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 154,955 shares of the pipeline company's stock valued at $27,659,000 after buying an additional 9,397 shares in the last quarter. Northern Trust Corp lifted its stake in Targa Resources by 8.5% in the 4th quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock valued at $391,148,000 after buying an additional 170,755 shares in the last quarter. Lido Advisors LLC lifted its stake in Targa Resources by 1,983.0% in the 4th quarter. Lido Advisors LLC now owns 45,639 shares of the pipeline company's stock valued at $8,147,000 after buying an additional 43,448 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Targa Resources by 35.2% in the 4th quarter. AQR Capital Management LLC now owns 356,918 shares of the pipeline company's stock valued at $63,710,000 after buying an additional 92,941 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 0.5%

NYSE TRGP traded up $0.89 during trading hours on Monday, hitting $167.85. The company had a trading volume of 986,198 shares, compared to its average volume of 1,519,261. Targa Resources, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51. The company has a market capitalization of $36.12 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.03 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 firm's 50 day moving average is $167.39 and its 200 day moving average is $173.90.

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

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources's payout ratio is 56.58%.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. JPMorgan Chase & Co. upped their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. TD Cowen started coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. Cfra Research raised Targa Resources to a "hold" rating in a research note on Friday, August 8th. Finally, Royal Bank Of Canada increased their price target on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $208.86.

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.