PDT Partners LLC Boosts Holdings in Targa Resources, Inc. $TRGP

Key Points

• PDT Partners LLC significantly increased its stake in Targa Resources, Inc., raising its position by 82.1% to own 50,450 shares, valued at over $10 million.
• Analyst ratings for Targa Resources show a consensus of "Moderate Buy", with target prices ranging from $194 to $209 after multiple firms adjusted their ratings recently.
• Targa Resources announced a substantial increase in its quarterly dividend from $0.12 to $1.00, reflecting a yield of 2.4%, with a payout ratio of 56.58%.

PDT Partners LLC lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 82.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,450 shares of the pipeline company's stock after purchasing an additional 22,750 shares during the period. Targa Resources makes up about 0.7% of PDT Partners LLC's investment portfolio, making the stock its 4th biggest position. PDT Partners LLC's holdings in Targa Resources were worth $10,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. Cornerstone Planning Group LLC lifted its holdings in Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares in the last quarter. Colonial Trust Co SC lifted its holdings in 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 buying an additional 162 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Targa Resources during the 4th quarter worth $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources during the 4th quarter worth $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the 4th quarter worth $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 1.8%

TRGP traded up $2.99 during trading on Thursday, reaching $166.54. 1,139,767 shares of the stock were exchanged, compared to its average volume of 1,833,021. The stock has a market cap of $35.84 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 1.03 and a beta of 1.20. 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 50 day moving average price is $167.10 and its two-hundred day moving average price is $173.25. Targa Resources, Inc. has a twelve month low of $142.11 and a twelve month high of $218.51.

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

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources's dividend payout ratio is 56.58%.

Analyst Ratings Changes

Several research firms have issued reports on TRGP. Barclays upped their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Cfra Research upgraded Targa Resources to a "hold" rating in a report on Friday, August 8th. TD Cowen began coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective on the stock. TD Securities initiated coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. Finally, Citigroup reduced their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Targa Resources presently has an average rating of "Moderate Buy" and a consensus price target of $208.86.

About Targa Resources

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.