Great Lakes Advisors LLC Buys 8,577 Shares of Targa Resources, Inc. $TRGP

Key Points

• Great Lakes Advisors LLC increased its stake in Targa Resources by 22.7%, holding now 46,434 shares valued at approximately $9.31 million.
• Targa Resources recently announced a quarterly dividend of $1.00 per share, significantly higher than its prior dividend of $0.12, translating to an annualized yield of 2.5%.
• The company's latest earnings report showed $2.87 earnings per share, exceeding analyst estimates, despite revenue of $4.26 billion falling short of expectations.

Great Lakes Advisors LLC raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 22.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,434 shares of the pipeline company's stock after acquiring an additional 8,577 shares during the period. Great Lakes Advisors LLC's holdings in Targa Resources were worth $9,309,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of TRGP. Sciencast Management LP bought a new stake in shares of Targa Resources during the first quarter worth $442,000. Palo Duro Investment Partners LP grew its holdings in shares of Targa Resources by 24.8% during the first quarter. Palo Duro Investment Partners LP now owns 13,586 shares of the pipeline company's stock worth $2,724,000 after purchasing an additional 2,701 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in shares of Targa Resources by 0.8% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 25,500 shares of the pipeline company's stock worth $5,112,000 after purchasing an additional 209 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Targa Resources by 36.7% during the first quarter. NewEdge Advisors LLC now owns 17,198 shares of the pipeline company's stock worth $3,448,000 after purchasing an additional 4,613 shares during the last quarter. Finally, Nippon Life Global Investors Americas Inc. grew its holdings in shares of Targa Resources by 279.7% during the first quarter. Nippon Life Global Investors Americas Inc. now owns 78,600 shares of the pipeline company's stock worth $15,757,000 after purchasing an additional 57,900 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 1.2%

NYSE:TRGP opened at $160.46 on Tuesday. Targa Resources, Inc. has a 1-year low of $142.11 and a 1-year high of $218.51. The business's 50-day moving average price is $166.59 and its two-hundred day moving average price is $172.16. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $34.53 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 0.99 and a beta of 1.21.

Targa Resources (NYSE:TRGP - Get Free Report) last released its 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 analyst estimates of $4.82 billion. On average, equities analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.5%. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analyst Weigh In

Several analysts have recently commented on TRGP shares. Barclays increased their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Cfra Research upgraded Targa Resources to a "hold" rating in a report on Friday, August 8th. TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. TD Cowen started coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of "Moderate Buy" and a consensus target price of $208.86.

About Targa Resources

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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