Russell Investments Group Ltd. Has $127.44 Million Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Russell Investments Group Ltd. reduced its holdings in Targa Resources by 11.4% during the first quarter, now owning 635,929 shares worth approximately $127.44 million.
• Targa Resources recently declared a quarterly dividend of $1.00, significantly increasing from its previous dividend of $0.12, which translates to an annual yield of 2.4%.
• Analysts have set new price targets for Targa Resources, with UBS reducing their target from $259.00 to $228.00, while Wells Fargo raised theirs to $205.00, reflecting varied outlooks on the stock.

Russell Investments Group Ltd. reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 635,929 shares of the pipeline company's stock after selling 81,656 shares during the quarter. Russell Investments Group Ltd. owned 0.29% of Targa Resources worth $127,435,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cornerstone Planning Group LLC lifted its position in shares of Targa Resources by 578.9% during the first 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 in the last quarter. Colonial Trust Co SC lifted its position in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Ameriflex Group Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at about $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

NYSE TRGP opened at $167.99 on Wednesday. The company's 50 day moving average is $168.49 and its 200-day moving average is $177.54. Targa Resources, Inc. has a 12-month low of $135.50 and a 12-month high of $218.51. 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 firm has a market cap of $36.15 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 1.04 and a beta of 1.12.

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, beating 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. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's payout ratio is presently 56.58%.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. UBS Group dropped their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Mizuho set a $212.00 price target on shares of Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Citigroup lowered their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Barclays lifted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Wells Fargo & Company reaffirmed 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. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of "Buy" and a consensus target price of $209.00.

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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