Dimensional Fund Advisors LP Increases Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Dimensional Fund Advisors LP increased its stake in Targa Resources, owning 2,135,306 shares worth approximately $428.01 million as of the latest reporting period.
• Targa Resources reported a quarterly earnings per share of $2.87, exceeding analysts' expectations of $1.95, despite revenue falling short at $4.26 billion.
• The company announced a quarterly dividend increase to $1.00 per share, up from the previous $0.12, resulting in a 2.4% yield for shareholders.

Dimensional Fund Advisors LP grew its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,135,306 shares of the pipeline company's stock after acquiring an additional 37,501 shares during the quarter. Dimensional Fund Advisors LP owned 0.98% of Targa Resources worth $428,013,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC raised its position in Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares during the last quarter. Colonial Trust Co SC raised its position in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the fourth quarter valued at approximately $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several analyst reports. Royal Bank Of Canada upped their target price on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Mizuho set a $212.00 price objective on Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. The Goldman Sachs Group lowered their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Finally, Barclays boosted their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Stock Up 0.3%

Shares of NYSE TRGP traded up $0.5250 during midday trading on Thursday, hitting $163.3950. 370,729 shares of the company's stock were exchanged, compared to its average volume of 1,862,318. 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, Inc. has a twelve month low of $142.11 and a twelve month high of $218.51. The company has a market cap of $35.16 billion, a PE ratio of 23.13, a P/E/G ratio of 1.01 and a beta of 1.12. The firm's fifty day simple moving average is $168.30 and its 200-day simple moving average is $176.13.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion for 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%. Research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

Targa Resources 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.