Ninety One UK Ltd Has $13.11 Million Position in Targa Resources, Inc. $TRGP

Key Points

• Ninety One UK Ltd increased its stake in Targa Resources, owning 75,291 shares valued at $13.11 million after a 4.3% boost during Q2.
• Targa Resources reported earnings of $2.87 per share for the latest quarter, significantly surpassing expectations of $1.95, although revenue fell short at $4.26 billion.
• The company has increased its quarterly dividend to $1.00 per share, representing an annualized yield of 2.4%, up from the previous dividend of $0.12.

Ninety One UK Ltd boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,291 shares of the pipeline company's stock after buying an additional 3,122 shares during the period. Ninety One UK Ltd's holdings in Targa Resources were worth $13,107,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of TRGP. Cornerstone Planning Group LLC raised its holdings in Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the period. Disciplina Capital Management LLC bought a new stake in shares of Targa Resources during the first quarter worth $46,000. Olde Wealth Management LLC bought a new stake in shares of Targa Resources during the first quarter worth $52,000. ST Germain D J Co. Inc. bought a new stake in shares of Targa Resources during the first quarter worth $60,000. Finally, Wolff Wiese Magana LLC grew its position in Targa Resources by 376.2% in the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock valued at $60,000 after purchasing an additional 237 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $168.10 on Thursday. The company has a 50 day moving average of $165.61 and a 200-day moving average of $169.78. The company has a market cap of $36.17 billion, a PE ratio of 23.78, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. Targa Resources, Inc. has a 1-year low of $150.00 and a 1-year high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. The ex-dividend date was 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 dividend payout ratio is currently 56.58%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of analyst reports. Royal Bank Of Canada raised their target price on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. TD Cowen started coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Finally, Mizuho dropped their price objective on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $207.27.

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.

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