Cynosure Group LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 67.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,770 shares of the pipeline company's stock after acquiring an additional 2,317 shares during the period. Cynosure Group LLC's holdings in Targa Resources were worth $1,157,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Targa Resources by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after buying an additional 423,667 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after acquiring an additional 53,853 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Targa Resources by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock valued at $551,033,000 after purchasing an additional 834,666 shares during the last quarter. Northern Trust Corp increased its stake in shares of Targa Resources by 8.5% during the fourth quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock worth $391,148,000 after purchasing an additional 170,755 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in Targa Resources by 22.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock worth $349,024,000 after purchasing an additional 353,165 shares during the last quarter. Institutional investors own 92.13% of the company's stock.
Analyst Ratings Changes
TRGP has been the subject of a number of research reports. Citigroup dropped their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. TD Securities initiated coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. Barclays upped their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, TD Cowen assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and a consensus price target of $209.00.
Read Our Latest Stock Report on Targa Resources
Targa Resources Trading Down 1.2%
TRGP stock traded down $1.94 during trading on Wednesday, hitting $166.10. The company had a trading volume of 656,595 shares, compared to its average volume of 1,877,384. The business has a 50-day moving average of $168.49 and a 200-day moving average of $177.54. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a one year low of $136.60 and a one year high of $218.51. The stock has a market cap of $35.74 billion, a PE ratio of 23.48, a PEG ratio of 1.04 and a beta of 1.12.
Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 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 business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.
About Targa Resources
(
Free Report)
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.
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