Targa Resources, Inc. $TRGP is Eventide Asset Management LLC's 7th Largest Position

Key Points

• Eventide Asset Management LLC has increased its position in Targa Resources, owning 451,328 shares, making it the firm's 7th largest investment at approximately $90.4 million.
• Targa Resources recently reported a quarterly EPS of $2.87, significantly exceeding analysts' expectations, although its revenue of $4.26 billion fell short of estimates.
• The company has increased its quarterly dividend to $1.00 per share, representing an annualized yield of 2.4%, up from a previous dividend of $0.12.

Eventide Asset Management LLC boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 451,328 shares of the pipeline company's stock after purchasing an additional 7,201 shares during the quarter. Targa Resources comprises 1.8% of Eventide Asset Management LLC's portfolio, making the stock its 7th largest position. Eventide Asset Management LLC owned approximately 0.21% of Targa Resources worth $90,422,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cornerstone Planning Group LLC grew its holdings in Targa Resources by 578.9% in the first 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 period. Ameriflex Group Inc. purchased a new stake in Targa Resources in the fourth quarter worth about $31,000. Colonial Trust Co SC grew its holdings in shares of Targa Resources by 5,400.0% during the fourth 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 last quarter. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

TRGP traded down $1.89 during trading on Monday, hitting $160.46. The company's stock had a trading volume of 1,783,569 shares, compared to its average volume of 1,831,575. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a one year low of $142.11 and a one year high of $218.51. The firm has a market cap of $34.53 billion, a PE ratio of 22.70, a P/E/G ratio of 0.99 and a beta of 1.21. The business's 50 day simple moving average is $166.86 and its 200-day simple moving average is $172.44.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, sell-side 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 was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's dividend payout ratio is currently 56.58%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on TRGP. TD Securities began coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. TD Cowen started coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Finally, UBS Group lowered their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $208.86.

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.