Targa Resources, Inc. $TRGP Shares Acquired by Allstate Corp

Key Points

• Allstate Corp increased its holdings in Targa Resources by 72.3% during the first quarter, owning 10,450 shares valued at approximately $2,095,000.
• Targa Resources reported earnings of $2.87 per share, significantly exceeding analysts' expectations of $1.95, despite having lower revenue than anticipated.
• The company announced a quarterly dividend of $1.00 per share, up from the previous $0.12, reflecting an annualized yield of 2.5%.

Allstate Corp boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 72.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,450 shares of the pipeline company's stock after purchasing an additional 4,386 shares during the quarter. Allstate Corp's holdings in Targa Resources were worth $2,095,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GQG Partners LLC grew its stake in Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after buying an additional 1,410,747 shares during the last quarter. Nuveen LLC purchased a new stake in Targa Resources in the first quarter valued at approximately $196,351,000. Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the period. GAMMA Investing LLC grew its position in shares of Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after acquiring an additional 924,305 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Targa Resources by 43.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after acquiring an additional 834,666 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $162.9190 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a one year low of $142.11 and a one year high of $218.51. The firm has a market capitalization of $35.06 billion, a P/E ratio of 23.04, a PEG ratio of 0.99 and a beta of 1.12. The company's fifty day moving average is $167.92 and its two-hundred day moving average is $175.60.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion during 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%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Wells Fargo & Company reiterated an "overweight" rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and an average target price of $209.21.

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.

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