Nemes Rush Group LLC Acquires 2,111 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Nemes Rush Group LLC increased its stake in Targa Resources, acquiring an additional 2,111 shares and now holding 70,625 shares, making it 16th in their portfolio with a value of $14.16 million.
• Several hedge funds significantly raised their positions in Targa Resources, including Canada Pension Plan Investment Board, which boosted its stake by 981.8% in the fourth quarter.
• Targa Resources announced a quarterly dividend of $1.00 per share, reflecting an increase from the previous dividend of $0.12 and representing a yield of 2.41%.

Nemes Rush Group LLC boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 3.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,625 shares of the pipeline company's stock after purchasing an additional 2,111 shares during the quarter. Targa Resources makes up 1.8% of Nemes Rush Group LLC's portfolio, making the stock its 16th biggest holding. Nemes Rush Group LLC's holdings in Targa Resources were worth $14,158,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its position in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 110 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources in the fourth quarter worth about $31,000. Colonial Trust Co SC raised its holdings in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares during the period. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the 4th quarter worth approximately $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRGP has been the topic of several recent research reports. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Tuesday, July 15th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $205.00 price target on shares of Targa Resources in a research note on Tuesday, July 15th. TD Securities assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating for the company. Finally, Barclays increased their price target on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Two equities research 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 data from MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and an average target price of $209.86.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $0.48 during mid-day trading on Thursday, reaching $166.85. The company had a trading volume of 522,219 shares, compared to its average volume of 1,883,103. The stock has a market cap of $36.19 billion, a PE ratio of 30.73, a P/E/G ratio of 1.10 and a beta of 1.07. The company has a 50-day moving average price of $167.64 and a two-hundred day moving average price of $180.52. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its 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). The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. On average, equities analysts anticipate 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 will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.40%. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

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.