MAI Capital Management Has $10.70 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• MAI Capital Management increased its ownership in Targa Resources, Inc. by 40.9%, acquiring an additional 15,488 shares, bringing its total holdings to 53,355 shares worth approximately $10.7 million.
• Targa Resources has announced a significant dividend increase to $1.00 per share, up from $0.12, representing an annual yield of 2.4%.
• Analysts maintain a positive outlook on Targa Resources, with an average price target of $208.86 and several institutions issuing ratings of "Buy" and "Outperform."

MAI Capital Management raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 40.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,355 shares of the pipeline company's stock after acquiring an additional 15,488 shares during the quarter. MAI Capital Management's holdings in Targa Resources were worth $10,696,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TRGP. GQG Partners LLC raised its holdings in Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after acquiring an additional 1,410,747 shares during the period. Nuveen LLC acquired a new position in shares of Targa Resources during the 1st quarter worth approximately $196,351,000. Wellington Management Group LLP grew its position in shares of Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after purchasing an additional 834,666 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Mizuho decreased their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. Barclays increased their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Finally, 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 for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $208.86.

Targa Resources Trading Up 1.8%

Shares of TRGP stock traded up $2.99 during trading hours on Thursday, hitting $166.54. 1,139,767 shares of the company's stock traded hands, compared to its average volume of 1,833,021. Targa Resources, Inc. has a 12 month low of $142.11 and a 12 month high of $218.51. The stock's 50 day simple moving average is $167.29 and its 200 day simple moving average is $173.52. The stock has a market cap of $35.84 billion, a PE ratio of 23.56, a price-to-earnings-growth ratio of 1.03 and a beta of 1.20. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93.

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, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

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

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.