Picton Mahoney Asset Management Has $16.31 Million Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Picton Mahoney Asset Management increased its stake in Targa Resources by 19.6%, holding 81,377 shares worth approximately $16.31 million as of the latest reporting period.
• Analysts have generally rated Targa Resources positively, with a consensus target price of $209.86 and 13 out of 17 analysts recommending a buy or strong buy on the stock.
• Targa Resources announced a significant increase in its quarterly dividend, from $0.12 to $1.00, representing an annualized yield of 2.39%.

Picton Mahoney Asset Management boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 19.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,377 shares of the pipeline company's stock after purchasing an additional 13,324 shares during the quarter. Picton Mahoney Asset Management's holdings in Targa Resources were worth $16,311,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Geode Capital Management LLC grew its stake in Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after acquiring an additional 53,853 shares during the period. Northern Trust Corp boosted its holdings in shares of Targa Resources by 8.5% during the fourth quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock worth $391,148,000 after acquiring an additional 170,755 shares during the period. Nuveen Asset Management LLC grew its position in shares of Targa Resources by 22.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock valued at $349,024,000 after purchasing an additional 353,165 shares during the last quarter. Finally, Zimmer Partners LP increased its stake in shares of Targa Resources by 19.1% during the fourth quarter. Zimmer Partners LP now owns 1,661,200 shares of the pipeline company's stock worth $296,524,000 after purchasing an additional 266,200 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TRGP shares. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Barclays upped their price target on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Citigroup cut their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and a consensus target price of $209.86.

Targa Resources Stock Performance

NYSE TRGP opened at $167.10 on Tuesday. The firm's 50 day simple moving average is $167.34 and its 200 day simple moving average is $180.69. The firm has a market capitalization of $36.25 billion, a price-to-earnings ratio of 30.77, a P/E/G ratio of 1.08 and a beta of 1.07. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $1.00 dividend. The ex-dividend date is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 73.66%.

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.

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