Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Targa Resources, Inc. by 13.0% during the second quarter, bringing its total to 26,804 shares valued at $4,666,000.
• Other institutional investors, including GQG Partners LLC and Goldman Sachs Group Inc., significantly boosted their positions in Targa Resources, contributing to a total institutional ownership of 92.13%.
• Targa Resources recently increased its quarterly dividend to $1.00 per share, equating to an annualized yield of 2.4%, up from the previous dividend of $0.12.

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 13.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 26,804 shares of the pipeline company's stock after buying an additional 3,088 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Targa Resources were worth $4,666,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bessemer Group Inc. raised its holdings in shares of Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after buying an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources in the first quarter valued at about $544,000. Vontobel Holding Ltd. raised its holdings in Targa Resources by 29.9% during the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock worth $753,000 after purchasing an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Targa Resources by 5.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after purchasing an additional 111 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on TRGP shares. Wells Fargo & Company reissued an "overweight" rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. TD Cowen started coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target for the company. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One investment 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $207.27.

Targa Resources Trading Down 3.4%

NYSE TRGP traded down $5.73 during mid-day trading on Friday, reaching $164.39. 3,499,316 shares of the stock were exchanged, compared to its average volume of 1,249,636. Targa Resources, Inc. has a 1-year low of $144.30 and a 1-year high of $218.51. The business's fifty day simple moving average is $165.18 and its 200 day simple moving average is $170.43. The stock has a market capitalization of $35.38 billion, a PE ratio of 23.25, a PEG ratio of 0.97 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

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

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Targa Resources Company 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.