SCP Investment LP Acquires 5,888 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• SCP Investment LP increased its holdings in Targa Resources by 210.3% in Q1, acquiring an additional 5,888 shares, bringing its total to 8,688 shares valued at $1.74 million.
• Targa Resources recently announced a significant dividend increase, raising its quarterly dividend from $0.12 to $1.00 per share, representing a 2.5% yield.
• Despite its strong position, Targa Resources reported earnings per share of $0.91 for the last quarter, missing estimates by $1.13, leading to a drop in stock price.

SCP Investment LP boosted its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 210.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 8,688 shares of the pipeline company's stock after acquiring an additional 5,888 shares during the quarter. Targa Resources comprises about 1.5% of SCP Investment LP's portfolio, making the stock its 13th largest position. SCP Investment LP's holdings in Targa Resources were worth $1,742,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC lifted its position in Targa Resources by 578.9% in 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 during the period. Colonial Trust Co SC raised its stake in shares of 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 acquiring an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 2.1%

NYSE:TRGP traded down $3.39 during mid-day trading on Tuesday, hitting $161.43. 532,941 shares of the company's stock traded hands, compared to its average volume of 1,875,321. Targa Resources, Inc. has a twelve month low of $128.44 and a twelve month high of $218.51. The company has a market capitalization of $35.02 billion, a P/E ratio of 29.77, a P/E/G ratio of 1.06 and a beta of 1.12. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The company has a fifty day moving average of $167.92 and a 200 day moving average of $179.28.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. Targa Resources's payout ratio is presently 73.66%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. UBS Group decreased their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Citigroup dropped their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Finally, TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $209.86.

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.