TimesSquare Capital Management LLC Purchases New Shares in Targa Resources, Inc. (NYSE:TRGP)

TimesSquare Capital Management LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 275,330 shares of the pipeline company's stock, valued at approximately $55,195,000. TimesSquare Capital Management LLC owned approximately 0.13% of Targa Resources as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC grew its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares during the period. Colonial Trust Co SC grew its stake in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares during the period. Atala Financial Inc bought a new stake in shares of Targa Resources in the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new stake in shares of Targa Resources in the fourth quarter worth approximately $31,000. Finally, Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the fourth quarter worth approximately $31,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

NYSE:TRGP traded down $1.66 during trading hours on Thursday, hitting $164.33. 721,093 shares of the stock traded hands, compared to its average volume of 1,839,242. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a market cap of $35.65 billion, a price-to-earnings ratio of 30.27, a price-to-earnings-growth ratio of 0.60 and a beta of 1.07. The stock has a 50 day moving average price of $167.22 and a 200 day moving average price of $181.83.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share 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 company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Sell-side 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 will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a dividend of $1.00 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.43%. Targa Resources's dividend payout ratio is currently 73.66%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Mizuho set a $212.00 target price on shares of Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Royal Bank Of Canada restated an "outperform" rating and set a $205.00 target price on shares of Targa Resources in a research report on Tuesday. TD Securities assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating for the company. The Goldman Sachs Group cut their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $209.86.

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.