Strs Ohio Takes $1.56 Million Position in Targa Resources, Inc. $TRGP

Key Points

• Strs Ohio has invested approximately $1.56 million in Targa Resources, acquiring 7,798 shares of the company's stock during the first quarter.
• Targa Resources recently increased its quarterly dividend to $1.00 per share, yielding 2.5% annually, up from the previous quarterly dividend of $0.12.
• Analysts have a consensus price target of $208.86 for Targa Resources, with thirteen Buy ratings and one Strong Buy rating observed among research reports.

Strs Ohio bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 7,798 shares of the pipeline company's stock, valued at approximately $1,563,000.

Other hedge funds also recently made changes to their positions in the company. Cornerstone Planning Group LLC increased its position in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares in the last quarter. Ameriflex Group Inc. bought a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Mascagni Wealth Management Inc. acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $32,000. Copia Wealth Management bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $37,000. Finally, Disciplina Capital Management LLC acquired a new stake in shares of Targa Resources in the first quarter valued at approximately $46,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on TRGP shares. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. TD Securities initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. Finally, Barclays upped their target price on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $207.27.

Targa Resources Stock Down 3.4%

NYSE TRGP traded down $5.73 on Friday, reaching $164.39. 3,499,316 shares of the stock traded hands, compared to its average volume of 1,249,636. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a fifty day moving average price of $165.18 and a 200-day moving average price of $170.54. The company has a market cap of $35.38 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.01 and a beta of 1.20. Targa Resources, Inc. has a 12 month low of $144.30 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly 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 during the quarter, compared to analyst estimates of $4.82 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was 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 2.4%. Targa Resources's payout ratio is presently 56.58%.

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.