Nordea Investment Management AB grew its holdings in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 23.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,277 shares of the pipeline company’s stock after purchasing an additional 2,874 shares during the quarter. Nordea Investment Management AB’s holdings in Targa Resources were worth $1,123,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP grew its position in Targa Resources by 424.5% during the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after buying an additional 3,057,486 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in Targa Resources by 495.4% during the 3rd quarter. Los Angeles Capital Management LLC now owns 1,504,749 shares of the pipeline company’s stock valued at $90,797,000 after purchasing an additional 1,252,013 shares during the period. State Street Corp boosted its position in shares of Targa Resources by 14.4% in the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after purchasing an additional 986,283 shares during the last quarter. Energy Income Partners LLC grew its position in shares of Targa Resources by 260.6% during the 3rd quarter. Energy Income Partners LLC now owns 1,117,167 shares of the pipeline company’s stock worth $67,410,000 after buying an additional 807,355 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Targa Resources by 192.6% in the third quarter. Alliancebernstein L.P. now owns 1,063,563 shares of the pipeline company’s stock valued at $64,175,000 after purchasing an additional 700,131 shares in the last quarter. Institutional investors and hedge funds own 88.29% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on TRGP shares. Raymond James increased their target price on shares of Targa Resources from $95.00 to $100.00 and gave the stock a “strong-buy” rating in a report on Friday, April 21st. Mizuho lifted their price target on shares of Targa Resources from $95.00 to $99.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. Capital One Financial reaffirmed an “overweight” rating on shares of Targa Resources in a research report on Thursday, April 20th. Scotiabank initiated coverage on Targa Resources in a report on Thursday, March 2nd. They set an “outperform” rating and a $115.00 target price on the stock. Finally, Barclays boosted their target price on Targa Resources from $87.00 to $92.00 in a report on Tuesday, April 18th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $99.82.
Targa Resources Trading Up 0.3 %
Targa Resources (NYSE:TRGP – Get Rating) last released its quarterly earnings data on Wednesday, February 22nd. The pipeline company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.09. Targa Resources had a return on equity of 24.05% and a net margin of 5.43%. The company had revenue of $4.55 billion for the quarter, compared to the consensus estimate of $5.38 billion. Equities analysts predict that Targa Resources Corp. will post 5.63 EPS for the current fiscal year.
Targa Resources Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Friday, April 28th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, April 27th. This is an increase from Targa Resources’s previous quarterly dividend of $0.35. This represents a $2.00 annualized dividend and a yield of 2.86%. Targa Resources’s payout ratio is presently 51.81%.
Targa Resources Profile
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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