Targa Resources, Inc. $TRGP Stock Position Increased by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB increased its stake in Targa Resources by 260.2%, owning 128,911 shares valued at approximately $22.5 million after purchasing additional shares in the second quarter.
• Several analysts have set new price targets for Targa Resources, with Barclays raising it to $195.00, and a consensus target average of $209.50 reflecting a "Moderate Buy" rating.
• Targa Resources announced a quarterly dividend of $1.00 to be paid on November 17th, representing an annualized yield of 2.7% based on its payout ratio of 56.58%.

Nordea Investment Management AB lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 260.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,911 shares of the pipeline company's stock after purchasing an additional 93,119 shares during the period. Nordea Investment Management AB owned approximately 0.06% of Targa Resources worth $22,526,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC raised its position in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the period. Disciplina Capital Management LLC acquired a new stake in shares of Targa Resources during the first quarter worth $46,000. Olde Wealth Management LLC acquired a new stake in shares of Targa Resources during the first quarter worth $52,000. Wolff Wiese Magana LLC raised its position in shares of Targa Resources by 376.2% during the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock worth $60,000 after purchasing an additional 237 shares during the period. Finally, Hilltop National Bank acquired a new stake in shares of Targa Resources during the second quarter worth $63,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TRGP. Barclays boosted their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Mizuho lowered their price target on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, August 29th. JPMorgan Chase & Co. lifted their price target on Targa Resources from $214.00 to $215.00 and gave the company an "overweight" rating in a report on Tuesday, October 7th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a report on Sunday, September 21st. Finally, Royal Bank Of Canada lifted their price target on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of "Moderate Buy" and an average price target of $209.50.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $148.51 on Monday. The business's 50-day moving average price is $163.54 and its two-hundred day moving average price is $165.86. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The company has a market capitalization of $31.96 billion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 0.89 and a beta of 1.12.

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 analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be paid a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Targa Resources's payout ratio is 56.58%.

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.

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