MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Boosts Stock Position in Targa Resources, Inc. $TRGP

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Targa Resources by 9.5% in Q1, now owning approximately 632,241 shares valued at $126.7 million.
• Targa Resources reported a 12-month high of $218.51 and a quarterly EPS of $2.87, surpassing analysts' estimates of $1.95.
• The company has also raised its quarterly dividend to $1.00 per share, reflecting a significant increase from the previous amount of $0.12.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 9.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 632,241 shares of the pipeline company's stock after acquiring an additional 54,771 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.29% of Targa Resources worth $126,745,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock valued at $5,529,820,000 after acquiring an additional 423,667 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the period. Invesco Ltd. boosted its holdings in shares of Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after acquiring an additional 139,780 shares during the period. GQG Partners LLC boosted its holdings in shares of Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after acquiring an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Targa Resources by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock worth $568,217,000 after purchasing an additional 77,999 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TRGP shares. Cfra Research raised Targa Resources to a "hold" rating in a report on Friday, August 8th. Royal Bank Of Canada increased their price target on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target for the company. Mizuho reduced their target price on Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a report on Friday, August 29th. Finally, Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $208.86.

Targa Resources Price Performance

Shares of TRGP stock traded up $1.05 during mid-day trading on Wednesday, reaching $162.33. The stock had a trading volume of 537,430 shares, compared to its average volume of 1,820,440. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51. The company has a market cap of $34.93 billion, a P/E ratio of 22.98, a price-to-earnings-growth ratio of 0.98 and a beta of 1.20. The business has a 50-day simple moving average of $166.37 and a 200 day simple moving average of $172.08. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

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