Northwest & Ethical Investments L.P. Purchases 3,909 Shares of Targa Resources, Inc. $TRGP

Key Points

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Northwest & Ethical Investments L.P. increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 229.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,609 shares of the pipeline company's stock after buying an additional 3,909 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in Targa Resources were worth $1,123,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Bessemer Group Inc. lifted its stake in shares of Targa Resources by 25.1% during the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after purchasing an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Targa Resources in the first quarter valued at about $544,000. Vontobel Holding Ltd. grew its holdings in shares of Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after purchasing an additional 864 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Targa Resources by 5.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after purchasing an additional 111 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.5%

NYSE:TRGP traded up $0.8190 during trading hours on Friday, hitting $162.9190. 1,000,388 shares of the stock traded hands, compared to its average volume of 1,864,706. The firm has a 50 day moving average price of $168.16 and a 200 day moving average price of $175.85. 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, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51. The firm has a market cap of $35.06 billion, a price-to-earnings ratio of 23.04, a PEG ratio of 1.00 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio is currently 56.58%.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent research reports. Barclays upped their target price on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. The Goldman Sachs Group reduced their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. UBS Group reduced 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. Finally, TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Targa Resources presently has an average rating of "Moderate Buy" and a consensus price target of $209.21.

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.