National Bank of Canada FI Has $51.20 Million Holdings in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• National Bank of Canada FI increased its holdings in Targa Resources by 31.9%, owning 255,407 shares valued at approximately $51.2 million as of the latest SEC filing.
• Targa Resources reported earnings of $2.87 per share for the last quarter, significantly exceeding analysts' estimate of $1.95.
• The company has announced an increase in its quarterly dividend to $1.00 per share, reflecting a positive change from the previous dividend of $0.12.

National Bank of Canada FI lifted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 31.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 255,407 shares of the pipeline company's stock after purchasing an additional 61,759 shares during the quarter. National Bank of Canada FI owned about 0.12% of Targa Resources worth $51,199,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TRGP. Cornerstone Planning Group LLC boosted its position in Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares during the last quarter. Colonial Trust Co SC boosted its position in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the 4th quarter worth approximately $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research note on Friday. JPMorgan Chase & Co. upped their price objective on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada reiterated an "outperform" rating and set a $208.00 price objective (up previously from $205.00) on shares of Targa Resources in a research note on Tuesday. Finally, TD Securities began coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating on the stock. Two 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $209.00.

Targa Resources Stock Performance

NYSE TRGP traded up $1.88 on Tuesday, reaching $167.99. The stock had a trading volume of 1,597,732 shares, compared to its average volume of 1,511,321. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a fifty day moving average of $168.49 and a two-hundred day moving average of $177.54. Targa Resources, Inc. has a 1-year low of $135.50 and a 1-year high of $218.51. The company has a market cap of $36.15 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 1.04 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. On average, equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a $1.00 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is currently 56.58%.

Targa Resources Company 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.