Wellington Management Group LLP Has $2.76 Billion Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Wellington Management Group LLP increased its stake in Targa Resources by 7.5%, owning approximately 13.79 million shares valued at $2.76 billion, representing about 6.36% of the company's total shares.
• Targa Resources reported second-quarter earnings of $2.87 per share, exceeding analysts' expectations of $1.95, despite revenue of $4.26 billion falling short of the $4.82 billion estimate.
• The company declared a quarterly dividend of $1.00 per share, a significant increase from the previous dividend of $0.12, translating to an annualized yield of 2.4% with a dividend payout ratio of 56.58%.

Wellington Management Group LLP boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,790,955 shares of the pipeline company's stock after acquiring an additional 962,631 shares during the period. Wellington Management Group LLP owned 6.36% of Targa Resources worth $2,764,673,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Cornerstone Planning Group LLC boosted 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 acquiring an additional 110 shares in the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources during the 4th quarter valued at $31,000. Colonial Trust Co SC boosted its holdings in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 162 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Targa Resources during the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Down 1.2%

NYSE:TRGP opened at $163.50 on Monday. The company has a market cap of $35.18 billion, a P/E ratio of 23.13, a P/E/G ratio of 1.02 and a beta of 1.12. The stock's fifty day moving average price is $168.57 and its two-hundred day moving average price is $176.58. Targa Resources, Inc. has a 1 year low of $140.90 and a 1 year high of $218.51. 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 issued its quarterly earnings data 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 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 the consensus estimate of $4.82 billion. As a group, analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. 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 2.4%. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wells Fargo & Company reiterated an "overweight" rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $208.00 price target (up previously from $205.00) on shares of Targa Resources in a research report on Tuesday, August 12th. TD Cowen assumed coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. The Goldman Sachs Group reduced their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, UBS Group reduced their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Three 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $209.21.

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.

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