Massachusetts Financial Services Co. MA Boosts Position in Targa Resources, Inc. $TRGP

Key Points

• Massachusetts Financial Services increased its Targa Resources stake by 1.1% in the second quarter, owning 1.06 million shares valued at approximately $284.8 million. Institutional investors collectively hold 92.13% of the company.
• Targa Resources reported quarterly earnings of $3.54 per share, exceeding analysts’ $2.83 estimate, although revenue of $4.44 billion fell short of the $4.90 billion consensus forecast.
• The company paid a quarterly dividend of $1.25, equivalent to an annualized $5.00 dividend and a 1.8% yield. Analysts maintain a consensus “Buy” rating with an average price target of $295.35.

Massachusetts Financial Services Co. MA grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,062,171 shares of the pipeline company's stock after buying an additional 11,281 shares during the period. Massachusetts Financial Services Co. MA owned 0.49% of Targa Resources worth $284,811,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its position in shares of Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after acquiring an additional 162,878 shares during the period. Geode Capital Management LLC increased its holdings in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after acquiring an additional 45,495 shares during the period. Norges Bank purchased a new stake in Targa Resources in the 4th quarter worth approximately $735,758,000. Tortoise Capital Advisors L.L.C. lifted its stake 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 in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Targa Resources by 48.5% in 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 period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $275.77 on Friday. The company's fifty day moving average price is $269.33 and its 200-day moving average price is $250.72. The firm has a market capitalization of $59.13 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. On average, equities research analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio is currently 47.80%.

Analysts Set New Price Targets

A number of research analysts have recently commented on TRGP shares. TD Cowen boosted their price target on shares of Targa Resources from $270.00 to $275.00 and gave the company a "hold" rating in a research report on Friday, August 7th. Royal Bank Of Canada lifted their price objective on Targa Resources from $310.00 to $312.00 and gave the company an "outperform" rating in a research note on Tuesday. Erste Group Bank initiated coverage on Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating for the company. Morgan Stanley restated an "overweight" rating and issued a $333.00 target price on shares of Targa Resources in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group raised their price target on Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Targa Resources presently has an average rating of "Buy" and a consensus price target of $295.35.

About Targa Resources

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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