JPMorgan Chase & Co. Has $191.92 Million Stake in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• JPMorgan Chase & Co. increased its stake in Targa Resources by 2.0% in Q1, owning approximately $191.92 million worth of shares, totaling 957,363 shares.
• Targa Resources recently reported an EPS of $2.87 for the quarter, significantly exceeding analysts' expectations of $1.95.
• The company declared a $1.00 quarterly dividend, reflecting a notable increase from its previous dividend of $0.12, with an annualized yield of 2.4%.

JPMorgan Chase & Co. increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 957,363 shares of the pipeline company's stock after buying an additional 19,117 shares during the quarter. JPMorgan Chase & Co. owned about 0.44% of Targa Resources worth $191,923,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bessemer Group Inc. lifted its holdings in shares of Targa Resources by 25.1% during the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after purchasing an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Targa Resources by 48.1% during the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after purchasing an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources during the first quarter valued at $544,000. Vontobel Holding Ltd. lifted its holdings in shares of Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after purchasing an additional 864 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Targa Resources by 5.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after purchasing an additional 111 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 1.2%

Shares of NYSE TRGP traded down $2.01 during mid-day trading on Friday, reaching $163.50. 1,525,053 shares of the company traded hands, compared to its average volume of 1,567,298. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The stock has a market cap of $35.18 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 1.02 and a beta of 1.12. The company's fifty day moving average is $168.57 and its two-hundred day moving average is $176.78. Targa Resources, Inc. has a fifty-two week low of $140.90 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $4.82 billion. On average, analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 56.58%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TRGP shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. UBS Group reduced their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. 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, Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Thursday. Three 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $209.21.

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.