Voya Investment Management LLC Purchases 189,794 Shares of Targa Resources, Inc. $TRGP

Key Points

• Voya Investment Management LLC increased its holdings in Targa Resources, Inc. (TRGP) by 92.3%, acquiring an additional 189,794 shares, bringing its total to 395,420 shares worth $79.14 million.
• Targa Resources reported **$2.87 earnings per share**, exceeding analysts' estimates of **$1.95** and generated revenue of **$4.26 billion** during the quarter.
• The company announced a **significant dividend increase** from **$0.12 to $1.00 per share**, making the annualized dividend **$4.00** with a yield of **2.4%**.

Voya Investment Management LLC boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 92.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 395,420 shares of the pipeline company's stock after purchasing an additional 189,794 shares during the quarter. Voya Investment Management LLC owned approximately 0.18% of Targa Resources worth $79,137,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TRGP. GQG Partners LLC boosted its holdings in Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the period. Nuveen LLC acquired a new position in Targa Resources in the first quarter worth $196,351,000. Wellington Management Group LLP boosted its holdings in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after purchasing an additional 962,631 shares during the period. GAMMA Investing LLC boosted its holdings in Targa Resources by 22,699.0% in the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after purchasing an additional 924,305 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Targa Resources by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after purchasing an additional 834,666 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 2.1%

TRGP traded up $3.52 during trading on Thursday, reaching $170.04. The company had a trading volume of 1,106,877 shares, compared to its average volume of 1,804,123. The firm's 50-day simple moving average is $165.34 and its 200 day simple moving average is $170.89. The company has a market cap of $36.59 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 1.00 and a beta of 1.20. Targa Resources, Inc. has a 12-month low of $144.30 and a 12-month high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share 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 analysts' expectations of $4.82 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a $1.00 dividend. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. Targa Resources's dividend payout ratio is presently 56.58%.

Analysts Set New Price Targets

TRGP has been the subject of a number of research reports. Mizuho decreased their price objective on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a report on Friday, August 29th. Wells Fargo & Company reiterated an "overweight" rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Cfra Research upgraded Targa Resources to a "hold" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. raised their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Barclays raised their target price on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and an average price target of $208.86.

About Targa Resources

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.