Resona Asset Management Co. Ltd. Purchases 5,511 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in Targa Resources by 7.9%, holding a total of 74,978 shares valued at approximately $15 million.
• Targa Resources recently increased its quarterly dividend to $1.00, up from $0.12, yielding 2.4% annually.
• Analysts have set a consensus target price of $209.00 for Targa Resources, with several raising their price targets in recent notes.

Resona Asset Management Co. Ltd. boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,978 shares of the pipeline company's stock after buying an additional 5,511 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Targa Resources were worth $15,002,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Cornerstone Planning Group LLC raised 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 valued at $26,000 after purchasing an additional 110 shares during the last quarter. Ameriflex Group Inc. acquired a new position in Targa Resources in the fourth quarter worth $31,000. Colonial Trust Co SC increased its position in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the period. Cary Street Partners Financial LLC acquired a new stake in Targa Resources in the fourth quarter worth $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Targa Resources in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 1.2%

TRGP stock traded down $2.01 during mid-day trading on Friday, reaching $163.50. 1,525,053 shares of the company traded hands, compared to its average volume of 1,567,298. The stock has a market cap of $35.18 billion, a price-to-earnings ratio of 23.13, a P/E/G ratio of 1.02 and a beta of 1.12. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a fifty-two week low of $140.90 and a fifty-two week high of $218.51. The firm's 50 day moving average price is $168.57 and its 200 day moving average price is $176.78.

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

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. 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 2.4%. Targa Resources's payout ratio is presently 56.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on TRGP shares. The Goldman Sachs Group reduced their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Citigroup decreased their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Barclays raised their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Wells Fargo & Company reiterated an "overweight" rating and issued a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, Cfra Research raised Targa Resources to a "hold" rating in a research note on Friday, August 8th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.