Korea Investment CORP Increases Position in Targa Resources, Inc. $TRGP

Key Points

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Korea Investment CORP increased its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 44.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,350 shares of the pipeline company's stock after purchasing an additional 63,345 shares during the quarter. Korea Investment CORP owned 0.09% of Targa Resources worth $40,966,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Cornerstone Planning Group LLC increased its holdings in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Colonial Trust Co SC increased its holdings in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Targa Resources in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TRGP. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Thursday. Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. TD Cowen began coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective on the stock. Finally, UBS Group lowered their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Price Performance

NYSE:TRGP opened at $161.27 on Tuesday. The firm has a market cap of $34.70 billion, a price-to-earnings ratio of 22.81, a price-to-earnings-growth ratio of 1.02 and a beta of 1.12. 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 company's 50-day moving average is $168.54 and its two-hundred day moving average is $176.33. Targa Resources, Inc. has a 12-month low of $140.90 and a 12-month high of $218.51.

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, beating analysts' consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

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

Targa Resources Company 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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