Panagora Asset Management Inc. Has $45.85 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Panagora Asset Management Inc. increased its stake in Targa Resources, Inc. by 1,431.0% during the first quarter, culminating in holdings worth $45.85 million.
• Targa Resources has received mixed analyst ratings, with a consensus rating of "Moderate Buy" and a price target of $208.86.
• The company has increased its quarterly dividend to $1.00, yielding 2.4% annually, reflecting a positive change from the previous dividend payment.

Panagora Asset Management Inc. raised its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1,431.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 228,720 shares of the pipeline company's stock after acquiring an additional 213,781 shares during the quarter. Panagora Asset Management Inc. owned about 0.11% of Targa Resources worth $45,851,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after acquiring an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of Targa Resources by 48.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock worth $508,000 after buying an additional 823 shares during the period. Dynamic Advisor Solutions LLC bought a new stake in shares of Targa Resources during the 1st quarter worth $544,000. Vontobel Holding Ltd. boosted its holdings in shares of Targa Resources by 29.9% during the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock worth $753,000 after buying an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Targa Resources by 5.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after buying an additional 111 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on TRGP. TD Cowen began coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. UBS Group decreased their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Barclays upped their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $208.86.

Targa Resources Stock Performance

NYSE TRGP opened at $167.85 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market capitalization of $36.12 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.02 and a beta of 1.12. The company's fifty day moving average is $167.39 and its two-hundred day moving average is $174.29. 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 posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $4.82 billion. Equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis 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 currently 56.58%.

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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