Versor Investments LP Buys New Shares in Targa Resources, Inc. $TRGP

Versor Investments LP bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,801 shares of the pipeline company’s stock, valued at approximately $1,184,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. GQG Partners LLC grew its stake in shares of Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock valued at $724,560,000 after buying an additional 1,410,747 shares in the last quarter. Nuveen LLC acquired a new stake in Targa Resources during the 1st quarter valued at $196,351,000. Wellington Management Group LLP lifted its holdings in Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock valued at $551,033,000 after purchasing an additional 834,666 shares during the last quarter. Finally, Amundi lifted its holdings in Targa Resources by 33.8% during the 1st quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock valued at $493,812,000 after purchasing an additional 622,096 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 1.8%

TRGP opened at $154.21 on Monday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week 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. The company has a market capitalization of $33.19 billion, a P/E ratio of 21.81, a P/E/G ratio of 0.91 and a beta of 1.12. The stock has a fifty day moving average of $161.37 and a 200-day moving average of $164.96.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share 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 during the quarter, compared to the consensus estimate of $4.82 billion. On average, equities analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TRGP. JPMorgan Chase & Co. raised their price target on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Cfra Research raised Targa Resources to a “hold” rating in a report on Friday, August 8th. BMO Capital Markets began coverage on Targa Resources in a report on Friday, September 19th. They set an “outperform” rating and a $185.00 price target for the company. Barclays raised their price target on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Finally, TD Securities began coverage on Targa Resources in a report on Monday, July 7th. They set a “hold” rating for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $209.50.

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.