Edmond DE Rothschild Holding S.A. Purchases New Position in Targa Resources, Inc. $TRGP

Key Points

• Edmond DE Rothschild Holding purchased 3,760 shares of Targa Resources in the second quarter, worth approximately $1.0 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, exceeding analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate.
• Shares opened at $301.99, near their 52-week high, while analysts maintain a consensus “Buy” rating with an average price target of $297.18. The company also pays a quarterly dividend of $1.25 per share, representing a 1.7% yield.

Edmond DE Rothschild Holding S.A. purchased a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,760 shares of the pipeline company's stock, valued at approximately $1,008,000.

Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock worth $5,586,077,000 after buying an additional 291,114 shares in the last quarter. State Street Corp increased its holdings in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after buying an additional 162,878 shares in the last quarter. Geode Capital Management LLC increased its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock valued at $1,078,497,000 after buying an additional 45,495 shares in the last quarter. Norges Bank acquired a new position in shares of Targa Resources in the fourth quarter worth about $735,758,000. Finally, Tortoise Capital Advisors L.L.C. raised its position in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after acquiring an additional 572,562 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Up 1.6%

Shares of NYSE TRGP opened at $301.99 on Friday. The company's 50-day simple moving average is $271.43 and its 200-day simple moving average is $253.78. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $306.73. The firm has a market cap of $64.76 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.44 and a beta of 0.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities analysts predict that Targa Resources, Inc. will post 11.05 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's payout ratio is 47.80%.

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. Citigroup restated a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. TD Cowen upped their price target on Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a report on Friday, August 7th. Jefferies Financial Group increased their price target on Targa Resources from $324.00 to $345.00 and gave the stock a "buy" rating in a research report on Tuesday. Mizuho raised their price objective on Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, Scotiabank boosted their price objective on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $297.18.

About Targa Resources

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source