Ontario Teachers Pension Plan Board Invests $220.13 Million in Targa Resources, Inc. $TRGP

Key Points

• Ontario Teachers’ Pension Plan Board acquired 820,971 Targa Resources shares worth approximately $220.1 million, making the position its ninth-largest holding and representing about 1.4% of its portfolio.
• Targa Resources reported quarterly EPS of $3.54, exceeding the $2.83 consensus estimate, while revenue reached $4.44 billion. Analysts maintain a “Buy” consensus with an average price target of $297.18.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5.00 annually and a 1.7% yield; its stock recently traded near its 52-week high at $298.40.

Ontario Teachers Pension Plan Board bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 820,971 shares of the pipeline company's stock, valued at approximately $220,135,000. Targa Resources comprises about 1.4% of Ontario Teachers Pension Plan Board's holdings, making the stock its 9th largest position. Ontario Teachers Pension Plan Board owned approximately 0.38% of Targa Resources at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Main Street Financial Solutions LLC acquired a new position in Targa Resources in the second quarter valued at $317,000. Citizens Financial Group Inc. RI grew its holdings in shares of Targa Resources by 111.7% during the second quarter. Citizens Financial Group Inc. RI now owns 2,648 shares of the pipeline company's stock worth $710,000 after purchasing an additional 1,397 shares during the last quarter. Quent Capital LLC increased its position in shares of Targa Resources by 9.3% during the second quarter. Quent Capital LLC now owns 772 shares of the pipeline company's stock worth $207,000 after purchasing an additional 66 shares in the last quarter. BlackRock Inc. increased its position in shares of Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock worth $5,586,077,000 after purchasing an additional 291,114 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Targa Resources by 21.7% during the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock worth $811,190,000 after purchasing an additional 539,582 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 7.4%

TRGP opened at $298.40 on Wednesday. The business has a 50 day moving average price of $270.29 and a two-hundred day moving average price of $252.40. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The company has a market cap of $63.99 billion, a PE ratio of 28.53, a P/E/G ratio of 1.43 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $305.08.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, research analysts anticipate that Targa Resources, Inc. will post 11.01 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources's dividend payout ratio (DPR) is currently 47.80%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Erste Group Bank assumed coverage on Targa Resources in a research report on Thursday, June 25th. They issued a "buy" rating for the company. US Capital Advisors lowered Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Raymond James Financial set a $335.00 price objective on Targa Resources in a research note on Friday, August 7th. Wolfe Research set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. Finally, Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $297.18.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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