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 raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 52,489 shares of the pipeline company's stock after purchasing an additional 5,541 shares during the quarter. IFM Investors Pty Ltd's holdings in Targa Resources were worth $9,137,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. Woodline Partners LP bought a new position in shares of Targa Resources during the 4th quarter worth about $2,338,000. Waverly Advisors LLC bought a new position in shares of Targa Resources during the 4th quarter worth about $278,000. Voloridge Investment Management LLC increased its stake in Targa Resources by 12.4% in the fourth quarter. Voloridge Investment Management LLC now owns 63,378 shares of the pipeline company's stock valued at $11,313,000 after acquiring an additional 7,013 shares during the period. Vise Technologies Inc. increased its stake in Targa Resources by 121.6% in the fourth quarter. Vise Technologies Inc. now owns 5,572 shares of the pipeline company's stock valued at $995,000 after acquiring an additional 3,058 shares during the period. Finally, Toronto Dominion Bank increased its stake in Targa Resources by 383.0% in the fourth quarter. Toronto Dominion Bank now owns 376,353 shares of the pipeline company's stock valued at $67,179,000 after acquiring an additional 298,429 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 3.0%

NYSE TRGP traded up $4.88 during trading hours on Tuesday, hitting $170.10. The company's stock had a trading volume of 770,369 shares, compared to its average volume of 1,813,103. The stock has a fifty day moving average of $165.04 and a 200 day moving average of $170.24. Targa Resources, Inc. has a twelve month low of $144.30 and a twelve month high of $218.51. The firm has a market capitalization of $36.60 billion, a P/E ratio of 23.99, a PEG ratio of 0.97 and a beta of 1.21. 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 (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Equities research 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 announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.4%. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TRGP shares. Barclays upped their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Mizuho lowered their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Finally, TD Securities started coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $207.27.

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.