IFM Investors Pty Ltd Buys 5,541 Shares of Targa Resources, Inc. $TRGP

Key Points

• IFM Investors Pty Ltd has increased its holdings in Targa Resources by 11.8% during Q2, owning 52,489 shares valued at approximately $9.14 million.
• Several brokerages have issued positive ratings for Targa Resources, with an average rating of "Moderate Buy" and a consensus target price of $207.27.
• Targa Resources recently announced a quarterly dividend of $1.00, significantly increasing from its previous dividend of $0.12, representing an annualized yield of 2.4%.

IFM Investors Pty Ltd boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,489 shares of the pipeline company's stock after acquiring an additional 5,541 shares during the quarter. IFM Investors Pty Ltd's holdings in Targa Resources were worth $9,137,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. GQG Partners LLC lifted its position in Targa Resources by 64.0% during the first 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 in the last quarter. Nuveen LLC purchased a new stake in shares of Targa Resources in the 1st quarter valued at $196,351,000. Wellington Management Group LLP lifted its position in shares of Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Targa Resources by 22,699.0% in 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 in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after purchasing an additional 834,666 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

Several research firms have commented on TRGP. JPMorgan Chase & Co. lifted their price target on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Mizuho decreased their price target on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. TD Cowen began coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Wells Fargo & Company restated an "overweight" rating and set a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $207.27.

Targa Resources Price Performance

Shares of TRGP stock traded up $0.98 during trading hours on Monday, reaching $165.41. 1,586,528 shares of the company were exchanged, compared to its average volume of 1,819,055. The company has a market cap of $35.59 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 0.97 and a beta of 1.21. Targa Resources, Inc. has a fifty-two week low of $144.30 and a fifty-two week 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 stock's fifty day moving average is $165.18 and its two-hundred day moving average is $170.35.

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

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $1.00 per share. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Targa Resources Company 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.