Natixis Advisors LLC Purchases 6,353 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Natixis Advisors LLC has increased its holdings in Targa Resources, Inc. by 11.7%, owning 60,871 shares valued at approximately $12.20 million as of its latest SEC filing.
• Analysts have mixed ratings on Targa Resources, with a consensus "buy" rating and a price target averaging around $209.86, although some estimates vary significantly.
• Targa Resources announced a significant dividend increase to $1.00 per share, up from $0.12, reflecting a boost in its quarterly dividend yield to 2.4%.

Natixis Advisors LLC grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,871 shares of the pipeline company's stock after acquiring an additional 6,353 shares during the period. Natixis Advisors LLC's holdings in Targa Resources were worth $12,203,000 at the end of the most recent quarter.

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

Targa Resources Stock Performance

Targa Resources stock traded down $1.17 during trading hours on Tuesday, hitting $163.65. The stock had a trading volume of 2,045,021 shares, compared to its average volume of 1,316,387. Targa Resources, Inc. has a fifty-two week low of $128.44 and a fifty-two week high of $218.51. The company has a market cap of $35.50 billion, a PE ratio of 30.14, a price-to-earnings-growth ratio of 1.07 and a beta of 1.12. The company has a 50-day moving average of $167.92 and a two-hundred day moving average of $179.28. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 73.66%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TRGP shares. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Tuesday, July 15th. TD Securities assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. TD Cowen assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 target price for the company. Mizuho set a $212.00 price target on shares of Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Finally, Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $209.86.

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.