Van Lanschot Kempen Investment Management N.V. Boosts Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Van Lanschot Kempen Investment Management N.V. increased its stake in Targa Resources, Inc. by 28%, acquiring an additional 8,284 shares, with holdings valued at approximately $7.6 million.
• Targa Resources reported earnings of $2.87 per share, significantly surpassing the consensus estimate of $1.95, although its revenue fell short compared to expectations.
• The company announced a quarterly dividend of $1.00, which marks a substantial increase from its previous dividend of $0.12, translating to an annual yield of 2.5%.

Van Lanschot Kempen Investment Management N.V. boosted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 28.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,894 shares of the pipeline company's stock after purchasing an additional 8,284 shares during the quarter. Van Lanschot Kempen Investment Management N.V.'s holdings in Targa Resources were worth $7,597,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after purchasing an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock worth $508,000 after purchasing an additional 823 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in Targa Resources in the first quarter worth $544,000. Vontobel Holding Ltd. raised its holdings in Targa Resources by 29.9% in the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock worth $753,000 after purchasing an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Targa Resources by 5.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after purchasing an additional 111 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TRGP shares. Cfra Research upgraded Targa Resources to a "hold" rating in a report on Friday, August 8th. Citigroup reduced their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Royal Bank Of Canada raised 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. JPMorgan Chase & Co. raised their price target on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, The Goldman Sachs Group reduced their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $209.21.

Targa Resources Stock Up 0.5%

Shares of TRGP traded up $0.8190 during trading hours on Friday, hitting $162.9190. The company had a trading volume of 1,000,388 shares, compared to its average volume of 1,571,554. The company's fifty day moving average price is $167.92 and its two-hundred day moving average price is $175.60. Targa Resources, Inc. has a one year low of $142.11 and a one year high of $218.51. The company has a market capitalization of $35.06 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. 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 announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced 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 of this dividend was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is currently 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.