Targa Resources, Inc. (NYSE:TRGP) Position Increased by Cozad Asset Management Inc.

Key Points

• Cozad Asset Management Inc. significantly increased its stake in Targa Resources by 1,270.7%, acquiring a total of 26,180 shares, which are now valued at approximately $5.25 million.
• Targa Resources reported earnings per share (EPS) of $0.91 for the quarter, falling short of analysts' expectations by $1.13, with revenue also missing estimates at $4.56 billion.
• The company announced a quarterly dividend increase to $1.00 per share, marking an annual yield of 2.39%, effective August 15th for shareholders of record on July 31st.

Cozad Asset Management Inc. increased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1,270.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,180 shares of the pipeline company's stock after buying an additional 24,270 shares during the quarter. Cozad Asset Management Inc.'s holdings in Targa Resources were worth $5,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. Meeder Asset Management Inc. grew its position in shares of Targa Resources by 1,895.3% in the first quarter. Meeder Asset Management Inc. now owns 34,559 shares of the pipeline company's stock valued at $6,928,000 after purchasing an additional 32,827 shares in the last quarter. Meeder Advisory Services Inc. grew its stake in shares of Targa Resources by 22.1% in the first quarter. Meeder Advisory Services Inc. now owns 5,140 shares of the pipeline company's stock valued at $1,030,000 after buying an additional 930 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in Targa Resources by 19.6% during the 1st quarter. Picton Mahoney Asset Management now owns 81,377 shares of the pipeline company's stock worth $16,311,000 after acquiring an additional 13,324 shares in the last quarter. Fielder Capital Group LLC lifted its stake in Targa Resources by 20.1% during the 1st quarter. Fielder Capital Group LLC now owns 1,619 shares of the pipeline company's stock worth $325,000 after acquiring an additional 271 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Targa Resources by 28.3% during the 1st quarter. Mackenzie Financial Corp now owns 200,645 shares of the pipeline company's stock worth $40,223,000 after acquiring an additional 44,274 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $3.39 during trading hours on Friday, hitting $163.02. The stock had a trading volume of 1,034,145 shares, compared to its average volume of 1,884,241. The stock's fifty day simple moving average is $167.78 and its 200 day simple moving average is $180.31. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51. The firm has a market capitalization of $35.36 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 1.09 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Sell-side 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 disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a dividend of $1.00 per share. 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 2.5%. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TRGP shares. Royal Bank Of Canada restated an "outperform" rating and issued a $205.00 price target on shares of Targa Resources in a research note on Tuesday, July 15th. Barclays boosted their price target on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Mizuho set a $212.00 target price on Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. TD Cowen started coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Finally, Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $209.86.

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.