Nuveen LLC Invests $196.35 Million in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Nuveen LLC has acquired 979,452 shares of Targa Resources, Inc. valued at approximately $196.35 million, representing about 0.45% of the company's stock, as reported in its recent SEC filing.
• Targa Resources recently increased its quarterly dividend to $1.00, up from $0.12, resulting in a new annualized dividend yield of 2.4%.
• Analysts have a consensus rating of "Buy" for Targa Resources, with a target price raised to $208.79 by several firms following its positive earnings report.

Nuveen LLC purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 979,452 shares of the pipeline company's stock, valued at approximately $196,351,000. Nuveen LLC owned about 0.45% of Targa Resources as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TRGP. Cornerstone Planning Group LLC grew its stake in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after buying an additional 110 shares during the last quarter. Colonial Trust Co SC grew its stake in Targa Resources by 5,400.0% in the 4th 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 stake in Targa Resources in the 4th quarter worth $31,000. Ameriflex Group Inc. acquired a new stake in Targa Resources in the 4th quarter worth $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in Targa Resources in the 4th quarter worth $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of NYSE TRGP traded down $1.35 during trading on Wednesday, reaching $166.69. The company had a trading volume of 1,787,743 shares, compared to its average volume of 1,546,349. Targa Resources, Inc. has a 52 week low of $136.60 and a 52 week high of $218.51. The stock has a market cap of $35.87 billion, a PE ratio of 23.58, a PEG ratio of 1.05 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The business's 50 day moving average price is $168.61 and its 200-day moving average price is $177.46.

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 for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $4.82 billion. Analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared 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. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend 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 presently 56.58%.

Wall Street Analyst Weigh In

Several analysts have issued reports on TRGP shares. Mizuho set a $212.00 price target on shares of Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Royal Bank Of Canada restated an "outperform" rating and issued a $208.00 price target (up from $205.00) on shares of Targa Resources in a research report on Tuesday. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. TD Securities started coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. Finally, Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $209.00.

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.