Targa Resources, Inc. (NYSE:TRGP) Stake Boosted by Edgestream Partners L.P.

Edgestream Partners L.P. boosted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 20.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 69,674 shares of the pipeline company's stock after buying an additional 11,809 shares during the quarter. Targa Resources makes up 0.5% of Edgestream Partners L.P.'s investment portfolio, making the stock its 9th largest holding. Edgestream Partners L.P.'s holdings in Targa Resources were worth $13,968,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Florida Financial Advisors LLC purchased a new stake in Targa Resources in the 1st quarter valued at $278,000. Bleakley Financial Group LLC raised its position in Targa Resources by 8.5% in the 1st quarter. Bleakley Financial Group LLC now owns 13,029 shares of the pipeline company's stock valued at $2,612,000 after buying an additional 1,021 shares during the last quarter. LRI Investments LLC grew its stake in Targa Resources by 60.0% in the 1st quarter. LRI Investments LLC now owns 640 shares of the pipeline company's stock valued at $128,000 after purchasing an additional 240 shares during the period. CWM LLC grew its stake in Targa Resources by 24.2% in the 1st quarter. CWM LLC now owns 8,455 shares of the pipeline company's stock valued at $1,695,000 after purchasing an additional 1,650 shares during the period. Finally, New York State Common Retirement Fund grew its stake in Targa Resources by 4.5% in the 1st quarter. New York State Common Retirement Fund now owns 132,955 shares of the pipeline company's stock valued at $26,653,000 after purchasing an additional 5,690 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TRGP. UBS Group reduced their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. 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. Barclays upped their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada restated an "outperform" rating and issued a $205.00 price objective on shares of Targa Resources in a research note on Tuesday. Finally, TD Securities began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Targa Resources has a consensus rating of "Buy" and an average price target of $209.86.

Targa Resources Price Performance

Shares of NYSE:TRGP traded up $0.62 on Thursday, hitting $166.61. The company's stock had a trading volume of 1,451,656 shares, compared to its average volume of 1,845,276. The company has a 50-day simple moving average of $167.35 and a 200 day simple moving average of $181.76. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a market capitalization of $36.14 billion, a PE ratio of 30.68, a PEG ratio of 0.59 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 2.40%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

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.