Lazard Asset Management LLC Boosts Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Lazard Asset Management increased its Targa Resources stake by 33.8% in the first quarter, purchasing 26,934 additional shares valued at approximately $26.8 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported first-quarter earnings of $2.21 per share and revenue of $4.09 billion, both below analyst expectations. The stock opened at $262.01, down 2.1%, while analysts maintain a “Moderate Buy” consensus with a $288 price target.
• The company declared a quarterly dividend of $1.25 per share, equivalent to an annualized $5.00 payout and a 1.9% yield. A company director also sold 10,602 shares for approximately $2.7 million.

Lazard Asset Management LLC grew its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 33.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 106,738 shares of the pipeline company's stock after purchasing an additional 26,934 shares during the quarter. Lazard Asset Management LLC's holdings in Targa Resources were worth $26,762,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TRGP. Norges Bank purchased a new position in shares of Targa Resources during the fourth quarter worth approximately $735,758,000. Goldman Sachs Group Inc. grew its holdings in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Targa Resources in the 3rd quarter worth $121,426,000. Tortoise Capital Advisors L.L.C. raised its position in Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after purchasing an additional 572,562 shares during the period. Finally, UniSuper Management Pty Ltd lifted its stake in Targa Resources by 1,811.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company's stock worth $81,980,000 after purchasing an additional 421,084 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Down 2.1%

Shares of NYSE:TRGP opened at $262.01 on Wednesday. The stock's 50-day moving average is $269.42 and its 200 day moving average is $243.64. The company has a market cap of $56.24 billion, a PE ratio of 26.49, a P/E/G ratio of 1.37 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. Sell-side analysts anticipate that Targa Resources, Inc. will post 10.77 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources's dividend payout ratio is 50.56%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Citigroup restated a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Seaport Research Partners reissued a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. Mizuho raised their price target on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Finally, Jefferies Financial Group began coverage on Targa Resources in a research note on Thursday, June 18th. They set a "buy" rating and a $314.00 price objective for the company. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.00.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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