Machina Capital S.A.S. Makes New $597,000 Investment in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Machina Capital S.A.S. acquired a new position in Targa Resources, purchasing 2,976 shares valued at approximately $597,000 during the first quarter.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, a significant increase from the previous dividend of $0.12, indicating strong financial health.
• Research analysts maintain a consensus “Buy” rating for Targa Resources, with target prices ranging from $195.00 to $212.00, reflecting optimism for future growth.

Machina Capital S.A.S. purchased a new position in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,976 shares of the pipeline company's stock, valued at approximately $597,000.

A number of other large investors have also recently made changes to their positions in the stock. Snowden Capital Advisors LLC grew its stake in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after acquiring an additional 53 shares during the period. Ritholtz Wealth Management lifted its holdings in Targa Resources by 1.3% during the first 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 in the last quarter. Stratos Wealth Advisors LLC lifted its holdings in Targa Resources by 3.6% during the first 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 lifted its holdings 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 valued at $670,000 after purchasing an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP lifted its holdings 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 valued at $1,648,000 after purchasing an additional 74 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 0.9%

Shares of NYSE TRGP traded up $1.46 during mid-day trading on Monday, reaching $167.06. The company had a trading volume of 200,358 shares, compared to its average volume of 1,896,290. The business's 50-day moving average is $167.29 and its 200-day moving average is $180.87. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The stock has a market cap of $36.24 billion, a price-to-earnings ratio of 30.75, a price-to-earnings-growth ratio of 1.08 and a beta of 1.07. Targa Resources, Inc. has a 52 week low of $122.56 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. Equities analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.39%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio is presently 73.66%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. UBS Group lowered their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Tuesday, July 15th. Mizuho set a $212.00 price target on shares of Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Buy" and an average target price of $209.86.

About Targa Resources

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.