Mariner Investment Group LLC Buys New Stake in Targa Resources, Inc. $TRGP

Key Points

• Mariner Investment Group LLC acquired a new stake in Targa Resources, purchasing 10,000 shares valued at approximately $1.74 million, making it the fund's 21st largest position.
• Targa Resources reported $2.87 earnings per share for the latest quarter, surpassing analyst expectations of $1.95, though its revenue fell short of forecasts.
• The company announced a quarterly dividend of $1.00 per share, significantly up from its previous dividend of $0.12, reflecting a positive change in its dividend policy.

Mariner Investment Group LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 10,000 shares of the pipeline company's stock, valued at approximately $1,741,000. Targa Resources makes up 0.6% of Mariner Investment Group LLC's portfolio, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Cornerstone Planning Group LLC lifted its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares in the last quarter. Ameriflex Group Inc. acquired a new position in Targa Resources in the 4th quarter worth $31,000. Mascagni Wealth Management Inc. acquired a new position in Targa Resources in the 4th quarter worth $32,000. Disciplina Capital Management LLC acquired a new position in Targa Resources in the 1st quarter worth $46,000. Finally, Olde Wealth Management LLC acquired a new position in Targa Resources in the 1st quarter worth $52,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $174.36 on Friday. 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, Inc. has a fifty-two week low of $144.30 and a fifty-two week high of $218.51. The firm has a 50-day simple moving average of $165.34 and a 200 day simple moving average of $170.16. The company has a market cap of $37.52 billion, a PE ratio of 24.66, a P/E/G ratio of 1.02 and a beta of 1.20.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating 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. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources's payout ratio is currently 56.58%.

Analysts Set New Price Targets

A number of equities analysts have commented on TRGP shares. Barclays boosted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. JPMorgan Chase & Co. upped their target price 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. TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. 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 research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and a consensus price target of $207.27.

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.

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