Global Retirement Partners LLC Invests $7.87 Million in Targa Resources, Inc. $TRGP

Key Points

• Global Retirement Partners initiated a $7.87 million position in Targa Resources, purchasing 29,359 shares during the second quarter. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly earnings of $3.54 per share, exceeding analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate.
• The company paid a quarterly dividend of $1.25 per share, equivalent to an annualized $5.00 dividend and a 1.8% yield. Analysts maintain a consensus “Buy” rating with an average price target of $295.35.

Global Retirement Partners LLC bought a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 29,359 shares of the pipeline company's stock, valued at approximately $7,872,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of 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 purchasing an additional 162,878 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Targa Resources by 0.8% during 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 during the last quarter. Norges Bank purchased a new position in Targa Resources in the 4th quarter worth about $735,758,000. Tortoise Capital Advisors L.L.C. increased its holdings in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after purchasing an additional 572,562 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $275.77 on Monday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a market capitalization of $59.13 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. The company's fifty day moving average price is $269.33 and its 200 day moving average price is $251.13.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. On average, research analysts predict that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors 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 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio is currently 47.80%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Targa Resources from $310.00 to $312.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. US Capital Advisors downgraded shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Wells Fargo & Company raised their price target on shares of Targa Resources from $270.00 to $282.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $295.35.

Targa Resources Profile

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.

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