TD Asset Management Inc Boosts Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• TD Asset Management Inc increased its holdings in Targa Resources, Inc. by 5.0% during the 1st quarter, owning 1,018,951 shares valued at $204.27 million at the end of the quarter.
• Several other institutional investors also increased their stakes in Targa Resources, contributing to a total of 92.13% of the stock being owned by institutional investors and hedge funds.
• Targa Resources declared a quarterly dividend of $1.00 per share, representing an annualized dividend of $4.00 and a yield of 2.41%, an increase from the previous dividend of $0.12.

TD Asset Management Inc lifted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,018,951 shares of the pipeline company's stock after buying an additional 48,578 shares during the quarter. TD Asset Management Inc owned approximately 0.47% of Targa Resources worth $204,269,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in 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. Ameriflex Group Inc. bought a new position in Targa Resources in the 4th quarter worth about $31,000. Colonial Trust Co SC boosted its stake in 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 bought a new position in Targa Resources in the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in Targa Resources in the 4th quarter worth about $32,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

NYSE TRGP traded down $1.43 on Wednesday, reaching $168.14. 483,170 shares of the stock were exchanged, compared to its average volume of 1,886,481. Targa Resources, Inc. has a one year low of $122.56 and a one year high of $218.51. The firm has a market capitalization of $36.47 billion, a PE ratio of 31.01, a PEG ratio of 1.09 and a beta of 1.07. The company's 50-day simple moving average is $167.49 and its two-hundred day simple moving average is $180.61. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Barclays raised their price target 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. TD Cowen assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. UBS Group dropped their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Finally, Citigroup lowered their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $209.86.

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.