SCS Capital Management LLC Buys Shares of 28,486 Targa Resources, Inc. $TRGP

Key Points

• SCS Capital Management LLC purchased 28,486 shares of Targa Resources, Inc. for approximately $5.71 million, marking the firm's entry into the stock in the first quarter.
• Institutional investors own 92.13% of Targa Resources' stock, with significant boosts from major firms like Vanguard Group, Wellington Management, and GQG Partners in the same quarter.
• Targa Resources declared a quarterly dividend of $1.00, an increase from the previous $0.12, resulting in a total annualized dividend of $4.00 with a yield of 2.5%.

SCS Capital Management LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 28,486 shares of the pipeline company's stock, valued at approximately $5,711,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock valued at $5,529,820,000 after acquiring an additional 423,667 shares during the period. Wellington Management Group LLP boosted its stake in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the period. Invesco Ltd. boosted its stake in Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after acquiring an additional 139,780 shares during the period. GQG Partners LLC boosted its stake in Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after acquiring an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock valued at $568,217,000 after acquiring an additional 77,999 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. UBS Group cut their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. Barclays lifted their price target on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $208.86.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $161.36 on Wednesday. Targa Resources, Inc. has a 12 month low of $142.11 and a 12 month high of $218.51. The stock has a market cap of $34.72 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 0.98 and a beta of 1.20. The stock's 50 day moving average price is $166.37 and its 200 day moving average price is $172.08. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

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

Targa Resources Increases Dividend

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

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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