Goldman Sachs Group Inc. Has $551.03 Million Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Goldman Sachs increased its stake in Targa Resources by 43.6% during the first quarter, now owning approximately 1.26% of the company, valued at around $551 million.
• Targa Resources has declared a quarterly dividend of $1.00 per share, marking a significant increase from the previous dividend of $0.12, which results in an annualized yield of 2.5%.
• Analyst ratings for Targa Resources show a consensus of “Buy” among research firms, with a target price averaging around $209.86.

Goldman Sachs Group Inc. grew its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 43.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,748,708 shares of the pipeline company's stock after purchasing an additional 834,666 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.26% of Targa Resources worth $551,033,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the business. Cornerstone Planning Group LLC raised 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 during the last quarter. Colonial Trust Co SC grew its stake 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 stake in shares of Targa Resources in the fourth quarter worth $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth about $32,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Down 1.1%

Shares of NYSE:TRGP traded down $1.82 during trading on Friday, hitting $165.07. 2,023,021 shares of the company's stock were exchanged, compared to its average volume of 1,403,008. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The firm has a market cap of $35.81 billion, a P/E ratio of 23.35, a PEG ratio of 1.09 and a beta of 1.12. The firm has a 50-day moving average price of $168.36 and a two-hundred day moving average price of $178.36. Targa Resources, Inc. has a 1-year low of $135.16 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 40.21% and a net margin of 8.99%. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Equities analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 73.66%.

Analysts Set New Price Targets

TRGP has been the subject of several research analyst reports. TD Securities assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating for the company. JPMorgan Chase & Co. increased their price objective on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and issued a $205.00 price objective on shares of Targa Resources in a research note on Tuesday, July 15th. Wells Fargo & Company restated an "overweight" rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday. Finally, TD Cowen assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 target price on the stock. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $208.79.

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.