State of Wyoming Makes New $403,000 Investment in Targa Resources, Inc. $TRGP

Key Points

• The State of Wyoming has made a new investment in Targa Resources, acquiring 2,012 shares valued at approximately $403,000 in the 1st quarter of the year.
• Targa Resources recently reported earnings of $2.87 per share, exceeding estimates, and announced a significant increase in its quarterly dividend from $0.12 to $1.00.
• Analysts have issued various ratings on Targa Resources, with a consensus target price of $208.86, reflecting a generally positive outlook on the stock.

State of Wyoming purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,012 shares of the pipeline company's stock, valued at approximately $403,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Cornerstone Planning Group LLC increased its stake 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 worth $26,000 after acquiring an additional 110 shares during the period. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% during 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 position in Targa Resources during the fourth quarter worth about $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources during the fourth quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the fourth quarter worth about $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 1.9%

Shares of TRGP traded down $3.20 on Wednesday, hitting $163.52. 1,111,503 shares of the stock traded hands, compared to its average volume of 1,457,230. 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 capitalization of $35.19 billion, a P/E ratio of 23.13, a P/E/G ratio of 1.03 and a beta of 1.20. The stock's 50 day moving average is $167.29 and its two-hundred day moving average is $173.52. Targa Resources, Inc. has a 1 year low of $142.11 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Barclays upped their target price 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. Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Citigroup lowered their price target 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. TD Cowen started coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. Finally, UBS Group lowered 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. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $208.86.

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.