Targa Resources, Inc. $TRGP Shares Acquired by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC has increased its stake in Targa Resources by 16.5%, now owning 46,399 shares valued at approximately $9.3 million.
• Targa Resources recently announced a quarterly dividend of $1.00 per share, significantly up from the previous $0.12, reflecting a dividend yield of 2.5%.
• Analysts have generally given Targa Resources a favorable outlook, with one analyst rating it as a Strong Buy and an average price target of $208.86.

Intech Investment Management LLC lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 16.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,399 shares of the pipeline company's stock after buying an additional 6,573 shares during the period. Intech Investment Management LLC's holdings in Targa Resources were worth $9,302,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cornerstone Planning Group LLC lifted its position in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the period. Ameriflex Group Inc. acquired a new position in Targa Resources during the fourth quarter valued at $31,000. Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the fourth quarter valued at $32,000. Copia Wealth Management acquired a new position in Targa Resources during the fourth quarter valued at $37,000. Finally, Disciplina Capital Management LLC acquired a new position in Targa Resources during the first quarter valued at $46,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wells Fargo & Company restated an "overweight" rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. UBS Group decreased their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Royal Bank Of Canada boosted their target price 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. Finally, Barclays lifted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $208.86.

Targa Resources Stock Up 1.2%

TRGP opened at $163.15 on Thursday. Targa Resources, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a fifty day moving average of $166.16 and a two-hundred day moving average of $172.02. The stock has a market capitalization of $35.11 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 0.99 and a beta of 1.20.

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

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's dividend payout ratio is presently 56.58%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.