IFM Investors Pty Ltd Decreases Position in Targa Resources, Inc. $TRGP

Key Points

• IFM Investors Pty Ltd has decreased its stake in Targa Resources by 20.6%, holding 46,948 shares now worth approximately $9.41 million after selling 12,198 shares in the first quarter.
• Targa Resources reported earnings of $2.87 per share for the last quarter, surpassing expectations by $0.92, despite revenue falling short of projections.
• The company has raised its quarterly dividend from $0.12 to $1.00, resulting in an annual yield of 2.5%, effective for shareholders recorded by July 31st.

IFM Investors Pty Ltd trimmed its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 20.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,948 shares of the pipeline company's stock after selling 12,198 shares during the period. IFM Investors Pty Ltd's holdings in Targa Resources were worth $9,412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Belpointe Asset Management LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $224,000. Intech Investment Management LLC increased its position in shares of Targa Resources by 16.5% in the 1st quarter. Intech Investment Management LLC now owns 46,399 shares of the pipeline company's stock valued at $9,302,000 after acquiring an additional 6,573 shares during the period. Focus Partners Wealth increased its position in shares of Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Integrity Alliance LLC. acquired a new position in shares of Targa Resources in the 1st quarter valued at $423,000. Finally, SCS Capital Management LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $5,711,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. JPMorgan Chase & Co. increased their price target on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. TD Securities initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating on the stock. Cfra Research raised Targa Resources to a "hold" rating in a research report on Friday, August 8th. TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $208.86.

Targa Resources Price Performance

Shares of NYSE:TRGP traded up $1.14 during trading on Friday, reaching $166.38. 1,008,944 shares of the company's stock traded hands, compared to its average volume of 1,246,854. Targa Resources, Inc. has a fifty-two week low of $144.30 and a fifty-two week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm has a market cap of $35.80 billion, a PE ratio of 23.53, a P/E/G ratio of 1.01 and a beta of 1.20. The company has a 50-day simple moving average of $165.85 and a 200-day simple moving average of $171.41.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates 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. As a group, analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 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.