Meeder Asset Management Inc. Boosts Stake in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Meeder Asset Management Inc. significantly increased its holdings in Targa Resources by 1,895.3%, acquiring an additional 32,827 shares, bringing its total ownership to 34,559 shares valued at approximately $6.93 million.
• Targa Resources announced a quarterly dividend increase from $0.12 to $1.00, with the next payout due on August 15th, reflecting an annualized dividend of $4.00 and a yield of 2.39%.
• Wall Street analysts have generally rated Targa Resources positively, with reports indicating target price increases from Barclays and JPMorgan, suggesting an average price target of $209.86 for the stock.

Meeder Asset Management Inc. raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1,895.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,559 shares of the pipeline company's stock after purchasing an additional 32,827 shares during the period. Meeder Asset Management Inc.'s holdings in Targa Resources were worth $6,928,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after acquiring an additional 212,986 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after purchasing an additional 53,853 shares during the last quarter. Northern Trust Corp boosted its position in shares of Targa Resources by 8.5% in the fourth quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock valued at $391,148,000 after acquiring an additional 170,755 shares during the period. Nuveen Asset Management LLC lifted its position in Targa Resources by 22.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock worth $349,024,000 after purchasing an additional 353,165 shares during the period. Finally, Zimmer Partners LP lifted its position in Targa Resources by 19.1% in the fourth quarter. Zimmer Partners LP now owns 1,661,200 shares of the pipeline company's stock worth $296,524,000 after purchasing an additional 266,200 shares during the period. Institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TRGP shares. TD Cowen started coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. UBS Group lowered their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. JPMorgan Chase & Co. raised their target price on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Barclays lifted their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $209.86.

Targa Resources Stock Performance

Targa Resources stock traded down $3.28 during mid-day trading on Friday, reaching $163.13. 852,017 shares of the company's stock were exchanged, compared to its average volume of 1,883,750. The business's fifty day simple moving average is $167.78 and its 200 day simple moving average is $180.31. The firm has a market capitalization of $35.39 billion, a PE ratio of 30.04, a P/E/G ratio of 1.09 and a beta of 1.07. Targa Resources, Inc. has a one year low of $122.56 and a one year high of $218.51. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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 firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. On average, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. Targa Resources's dividend payout ratio is currently 73.66%.

Targa Resources Profile

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.