Jump Financial LLC Acquires 4,416 Shares of Targa Resources, Inc. $TRGP

Key Points

• Jump Financial LLC increased its stake in Targa Resources, Inc. by 9.7% during the first quarter, now owning 50,086 shares valued at $10.04 million.
• Targa Resources reported earnings of $2.87 EPS for the last quarter, significantly exceeding analysts' expectations of $1.95.
• The company recently raised its quarterly dividend from $0.12 to $1.00, resulting in an annualized dividend yield of 2.5%.

Jump Financial LLC grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 9.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 50,086 shares of the pipeline company's stock after acquiring an additional 4,416 shares during the quarter. Jump Financial LLC's holdings in Targa Resources were worth $10,041,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Snowden Capital Advisors LLC increased its position in shares of Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after buying an additional 53 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after purchasing an additional 62 shares during the period. Stratos Wealth Advisors LLC boosted its position in shares of Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after purchasing an additional 62 shares in the last quarter. Curated Wealth Partners LLC grew its stake in Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after purchasing an additional 73 shares during the period. Finally, Baker Avenue Asset Management LP grew its stake in Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after purchasing an additional 74 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on TRGP shares. Royal Bank Of Canada raised their target price on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. UBS Group cut their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Barclays raised their target price on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Citigroup dropped their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $209.21.

Targa Resources Stock Performance

NYSE:TRGP traded up $1.74 during trading hours on Thursday, reaching $166.91. The stock had a trading volume of 1,015,440 shares, compared to its average volume of 1,850,520. 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 50 day simple moving average of $167.50 and a 200 day simple moving average of $174.81. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51. The stock has a market cap of $35.92 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 1.00 and a beta of 1.12.

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 (EPS) for the quarter, topping 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 business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. On average, research 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 was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 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.