Westwood Holdings Group Inc. Acquires 62,548 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Westwood Holdings Group Inc. increased its shares in Targa Resources, Inc. by 6.1% during the first quarter, bringing their total holdings to over 1 million shares, which valued at approximately $219 million.
• Targa Resources announced a quarterly dividend of $1.00 per share, a significant increase from the previous quarterly dividend, resulting in an annualized yield of 2.4%.
• Analysts have mixed ratings on Targa Resources, with thirteen analysts giving a buy rating and a consensus price target of $209.86.

Westwood Holdings Group Inc. raised its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,094,066 shares of the pipeline company's stock after acquiring an additional 62,548 shares during the quarter. Targa Resources makes up 1.7% of Westwood Holdings Group Inc.'s holdings, making the stock its 4th largest holding. Westwood Holdings Group Inc. owned about 0.50% of Targa Resources worth $219,327,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its stake in shares of Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after buying an additional 53,853 shares during the period. Northern Trust Corp grew its holdings in Targa Resources by 8.5% during the 4th quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock worth $391,148,000 after acquiring an additional 170,755 shares in the last quarter. Nuveen Asset Management LLC increased its position in Targa Resources by 22.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock valued at $349,024,000 after purchasing an additional 353,165 shares during the period. Zimmer Partners LP raised its holdings in shares of Targa Resources by 19.1% in the 4th quarter. Zimmer Partners LP now owns 1,661,200 shares of the pipeline company's stock valued at $296,524,000 after purchasing an additional 266,200 shares in the last quarter. Finally, BROOKFIELD Corp ON lifted its position in shares of Targa Resources by 8.3% in the 4th quarter. BROOKFIELD Corp ON now owns 1,231,988 shares of the pipeline company's stock worth $219,910,000 after purchasing an additional 94,622 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

NYSE:TRGP traded up $3.59 during trading hours on Thursday, hitting $166.64. 2,023,985 shares of the stock were exchanged, compared to its average volume of 1,357,586. Targa Resources, Inc. has a 52-week low of $133.50 and a 52-week high of $218.51. The firm's fifty day moving average price is $168.21 and its 200 day moving average price is $178.72. 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 company has a market cap of $36.15 billion, a P/E ratio of 30.69, a P/E/G ratio of 1.06 and a beta of 1.12.

Targa Resources Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Barclays boosted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Tuesday, July 15th. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $209.86.

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.