Strs Ohio Invests $1.56 Million in Targa Resources, Inc. $TRGP

Strs Ohio acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,798 shares of the pipeline company’s stock, valued at approximately $1,563,000.

Other institutional investors also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its position in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at $31,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at $32,000. Copia Wealth Management purchased a new stake in shares of Targa Resources during the fourth quarter valued at $37,000. Finally, Disciplina Capital Management LLC purchased a new stake in shares of Targa Resources during the first quarter valued at $46,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.2%

Shares of TRGP opened at $163.00 on Wednesday. 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, Inc. has a 12-month low of $144.30 and a 12-month high of $218.51. The business’s 50 day moving average is $165.44 and its 200 day moving average is $170.93. The company has a market capitalization of $35.08 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 1.00 and a beta of 1.20.

Targa Resources (NYSE:TRGP) last released 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 business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Thursday, July 31st. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

Analysts Set New Price Targets

Several research analysts have issued reports on TRGP shares. TD Securities started coverage on Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. raised their target price on Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Royal Bank Of Canada raised their target price on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating and a $192.00 target price on the stock. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $208.86.

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.