Targa Resources, Inc. $TRGP Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Targa Resources, Inc. by 2.1%, owning a total of 733,198 shares valued at approximately $146.7 million as of the latest filing.
• Targa Resources announced a quarterly dividend of $1.00 per share, significantly up from its previous dividend of $0.12, resulting in an annualized yield of 2.5%.
• Analysts have an average target price of $209.21 for Targa Resources, with many rating it as a "Moderate Buy" or better, indicating strong investor interest.

Hsbc Holdings PLC grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 733,198 shares of the pipeline company's stock after purchasing an additional 15,176 shares during the quarter. Hsbc Holdings PLC owned approximately 0.34% of Targa Resources worth $146,721,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Snowden Capital Advisors LLC raised its holdings in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after purchasing an additional 53 shares in the last quarter. Ritholtz Wealth Management raised its holdings in Targa Resources by 1.3% during the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in Targa Resources by 3.6% during the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after purchasing an additional 62 shares in the last quarter. Curated Wealth Partners LLC grew its position in shares of Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after acquiring an additional 73 shares during the last quarter. Finally, Baker Avenue Asset Management LP grew its position in shares of Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after acquiring an additional 74 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TRGP. 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. Barclays raised 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. TD Securities began coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating on the stock. Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research report on Friday, August 8th. Finally, Scotiabank restated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Moderate Buy" and an average target price of $209.21.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $160.5350 on Wednesday. The firm has a market capitalization of $34.55 billion, a P/E ratio of 22.71, a PEG ratio of 1.01 and a beta of 1.12. Targa Resources, Inc. has a one year low of $140.90 and a one year high of $218.51. The company's fifty day moving average is $168.45 and its two-hundred day moving average is $176.22. 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 (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The company 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%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

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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