Quantbot Technologies LP Buys 72,370 Shares of Targa Resources, Inc. $TRGP

Key Points

• Quantbot Technologies LP increased its holdings in Targa Resources by 210.2% in the 1st quarter, bringing their total shares to 106,803, valued at approximately $21.4 million.
• Targa Resources recently announced a dividend increase from $0.12 to $1.00 per share, indicating a positive shift and representing a yield of 2.4%.
• The company reported earnings of $2.87 per share, significantly surpassing analyst estimates, along with a return on equity of 43.35%.

Quantbot Technologies LP increased its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 210.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,803 shares of the pipeline company's stock after purchasing an additional 72,370 shares during the quarter. Targa Resources makes up 0.7% of Quantbot Technologies LP's investment portfolio, making the stock its 10th largest holding. Quantbot Technologies LP's holdings in Targa Resources were worth $21,411,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Cornerstone Planning Group LLC increased its stake in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares in the last quarter. Ameriflex Group Inc. purchased a new position in Targa Resources in the 4th quarter worth about $31,000. Colonial Trust Co SC increased its stake in Targa Resources by 5,400.0% in 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 purchased a new position in Targa Resources in the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in Targa Resources in the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Up 0.5%

Shares of TRGP traded up $0.8190 during midday trading on Friday, reaching $162.9190. 1,000,388 shares of the stock were exchanged, compared to its average volume of 1,864,705. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51. The firm has a 50 day simple moving average of $168.16 and a 200-day simple moving average of $175.85. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company has a market cap of $35.06 billion, a price-to-earnings ratio of 23.04, a P/E/G ratio of 1.00 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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 business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TRGP. TD Securities began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. JPMorgan Chase & Co. increased 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. Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Finally, 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 objective for the company. Two 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 MarketBeat, Targa Resources presently has an average rating of "Moderate Buy" and an average price target of $209.21.

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.