Quantitative Investment Management LLC Has $1.75 Million Holdings in Targa Resources, Inc. $TRGP

Key Points

• Quantitative Investment Management LLC increased its position in Targa Resources by 43.5%, now owning 8,722 shares valued at approximately $1.75 million.
• Targa Resources reported earnings of $2.87 per share, exceeding analyst estimates of $1.95, despite revenue falling short of expectations at $4.26 billion.
• The company recently raised its quarterly dividend to $1.00, marking an annualized dividend yield of 2.5%, up from the previous $0.12.

Quantitative Investment Management LLC increased its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 43.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,722 shares of the pipeline company's stock after purchasing an additional 2,645 shares during the quarter. Quantitative Investment Management LLC's holdings in Targa Resources were worth $1,748,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TRGP. Cornerstone Planning Group LLC raised its holdings in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares in the last quarter. Colonial Trust Co SC raised its holdings in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth approximately $32,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

Shares of TRGP stock traded up $1.74 during mid-day trading on Thursday, reaching $166.91. The company's stock had a trading volume of 1,018,489 shares, compared to its average volume of 1,850,539. Targa Resources, Inc. has a 1-year low of $142.11 and a 1-year high of $218.51. The company has a market cap of $35.92 billion, a P/E ratio of 23.61, a PEG ratio of 1.00 and a beta of 1.12. 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 firm's 50-day moving average is $167.45 and its two-hundred day moving average is $174.54.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its 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. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. On average, research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.4%. The ex-dividend date was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 56.58%.

Analyst Ratings Changes

Several research analysts have recently weighed in on TRGP shares. The Goldman Sachs Group dropped their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. TD Cowen started coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a research report on Saturday, August 23rd. Finally, Barclays lifted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.