AGF Management Ltd. Purchases 19,391 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• AGF Management Ltd. significantly increased its stake in Targa Resources by 254.6%, now holding 27,007 shares worth approximately $5.41 million.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, marking a sizeable increase from its previous dividend of $0.12, resulting in a current yield of 2.4%.
• The company reported $2.87 EPS for the last quarter, surpassing expectations, although revenue was below analyst forecasts at $4.26 billion.

AGF Management Ltd. raised its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 254.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,007 shares of the pipeline company's stock after purchasing an additional 19,391 shares during the period. AGF Management Ltd.'s holdings in Targa Resources were worth $5,414,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Eagle Global Advisors LLC boosted its holdings in shares of Targa Resources by 0.3% in the first quarter. Eagle Global Advisors LLC now owns 494,360 shares of the pipeline company's stock worth $99,104,000 after acquiring an additional 1,660 shares during the period. Todd Asset Management LLC bought a new position in shares of Targa Resources in the first quarter worth $27,992,000. Independent Advisor Alliance boosted its holdings in shares of Targa Resources by 11.2% in the first quarter. Independent Advisor Alliance now owns 19,415 shares of the pipeline company's stock worth $3,892,000 after acquiring an additional 1,954 shares during the period. Nuveen LLC bought a new position in shares of Targa Resources in the first quarter worth $196,351,000. Finally, Entropy Technologies LP boosted its holdings in shares of Targa Resources by 68.2% in the first quarter. Entropy Technologies LP now owns 49,859 shares of the pipeline company's stock worth $9,995,000 after acquiring an additional 20,209 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

NYSE TRGP traded down $1.15 during trading hours on Thursday, reaching $165.59. 1,435,541 shares of the stock traded hands, compared to its average volume of 1,567,925. The stock has a 50 day simple moving average of $168.64 and a two-hundred day simple moving average of $177.23. Targa Resources, Inc. has a 1 year low of $140.74 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The company has a market cap of $35.63 billion, a price-to-earnings ratio of 23.42, a price-to-earnings-growth ratio of 1.04 and a beta of 1.12.

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

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders 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 yield of 2.4%. The ex-dividend date of this dividend is Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is presently 56.58%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TRGP shares. Mizuho set a $212.00 price target on Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. UBS Group lowered their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. TD Securities assumed coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. JPMorgan Chase & Co. increased their price objective on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Three 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $209.21.

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.