United Services Automobile Association Purchases Shares of 4,903 Targa Resources, Inc. $TRGP

Key Points

• United Services Automobile Association has invested approximately $970,000 in Targa Resources, acquiring 4,903 shares in the pipeline company.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, up from a previous dividend of $0.12, representing an annualized yield of 2.5%.
• The company reported an EPS of $2.87 for the last quarter, significantly exceeding analyst estimates of $1.95, with total revenue of $4.26 billion.

United Services Automobile Association purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,903 shares of the pipeline company's stock, valued at approximately $970,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. Cornerstone Planning Group LLC raised its holdings in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the 4th quarter valued at $31,000. Ameriflex Group Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at $31,000. Mascagni Wealth Management Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at $32,000. Finally, Copia Wealth Management bought a new position in shares of Targa Resources during the 4th quarter valued at $37,000. Institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. TD Cowen assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. TD Securities assumed coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. Cfra Research raised shares of Targa Resources to a "hold" rating in a research report on Friday, August 8th. Finally, Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $208.86.

Targa Resources Stock Performance

TRGP stock traded up $1.74 on Thursday, reaching $165.15. 953,945 shares of the company were exchanged, compared to its average volume of 1,271,112. Targa Resources, Inc. has a 12 month low of $144.30 and a 12 month high of $218.51. The stock's fifty day moving average price is $166.00 and its 200 day moving average price is $171.79. The firm has a market capitalization of $35.54 billion, a PE ratio of 23.36, a PEG ratio of 1.00 and a beta of 1.20. 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 (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. On average, research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. 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.