GQG Partners LLC Has $724.56 Million Holdings in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• GQG Partners LLC increased its stake in Targa Resources by 64.0% during Q1, now holding over 3.6 million shares valued at approximately $724.56 million.
• Several institutional investors, including Canada Pension Plan Investment Board and Goldman Sachs Group, have significantly increased their positions in Targa Resources, leading to 92.13% institutional ownership of the stock.
• Targa Resources announced a quarterly dividend increase to $1.00 per share, up from $0.12, reflecting an annualized yield of 2.4%.

GQG Partners LLC raised its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 64.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,614,307 shares of the pipeline company's stock after buying an additional 1,410,747 shares during the quarter. GQG Partners LLC owned 1.67% of Targa Resources worth $724,560,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TRGP. Canada Pension Plan Investment Board raised its position in shares of Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after purchasing an additional 1,038,350 shares during the period. Nuveen LLC bought a new stake in Targa Resources during the first quarter worth $196,351,000. GAMMA Investing LLC grew its holdings in Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after buying an additional 924,305 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Targa Resources by 43.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after buying an additional 834,666 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Targa Resources by 1.6% during the first 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 in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TRGP shares. The Goldman Sachs Group decreased their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research note on Friday. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Tuesday, July 15th. TD Cowen assumed 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. Finally, JPMorgan Chase & Co. upped their price objective on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and an average price target of $209.00.

Targa Resources Trading Up 1.1%

Shares of TRGP opened at $167.99 on Wednesday. The business's 50-day moving average price is $168.49 and its 200-day moving average price is $177.54. Targa Resources, Inc. has a twelve month low of $135.50 and a twelve month high of $218.51. The stock has a market cap of $36.15 billion, a PE ratio of 23.76, a P/E/G ratio of 1.04 and a beta of 1.12. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. The firm had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is currently 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.

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