OMERS ADMINISTRATION Corp Buys 2,667 Shares of Targa Resources, Inc. $TRGP

Key Points

• OMERS ADMINISTRATION Corp increased its stake in Targa Resources, Inc. by 30.2%, acquiring an additional 2,667 shares, bringing its total holdings to 11,508 shares valued at approximately $2.3 million.
• Targa Resources recently reported $2.87 earnings per share for the quarter, significantly exceeding analysts' estimates of $1.95, with a revenue of $4.26 billion.
• The company announced a new quarterly dividend of $1.00 per share, raising the annualized yield to 2.4%, a notable increase from the previous dividend of $0.12.

OMERS ADMINISTRATION Corp lifted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 30.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,508 shares of the pipeline company's stock after buying an additional 2,667 shares during the period. OMERS ADMINISTRATION Corp's holdings in Targa Resources were worth $2,307,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Cornerstone Planning Group LLC raised its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares in the last quarter. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth about $31,000. Colonial Trust Co SC increased its position in shares of 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 purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in Targa Resources during the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in Targa Resources during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 0.5%

NYSE:TRGP opened at $167.85 on Friday. The company has a market cap of $36.12 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.03 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 stock's fifty day moving average price is $167.39 and its two-hundred day moving average price is $174.11. Targa Resources, Inc. has a 52-week low of $142.11 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released 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 return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. On average, analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Thursday, July 31st. This is a boost 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 several recent analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. UBS Group decreased their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Royal Bank Of Canada lifted their price objective on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. JPMorgan Chase & Co. boosted 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. Finally, The Goldman Sachs Group lowered their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $208.86.

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.

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