University of Texas Texas AM Investment Management Co. Takes $5.07 Million Position in Targa Resources, Inc. (NYSE:TRGP)

University of Texas Texas AM Investment Management Co. bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 25,311 shares of the pipeline company’s stock, valued at approximately $5,074,000. Targa Resources accounts for 0.9% of University of Texas Texas AM Investment Management Co.’s investment portfolio, making the stock its 22nd biggest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TRGP. Cornerstone Planning Group LLC boosted its holdings in Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at approximately $31,000. Colonial Trust Co SC boosted its stake 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 buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources in the fourth quarter worth $32,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 0.0%

Shares of TRGP opened at $165.66 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The company has a 50-day moving average price of $167.29 and a two-hundred day moving average price of $180.87. The stock has a market cap of $35.94 billion, a price-to-earnings ratio of 30.51, a P/E/G ratio of 1.08 and a beta of 1.07. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. Equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be issued a $1.00 dividend. The ex-dividend date is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.41%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s dividend payout ratio (DPR) is currently 73.66%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Tuesday, July 15th. JPMorgan Chase & Co. increased their target price on Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Barclays boosted 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. UBS Group reduced their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a report on Monday, May 5th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average price target of $209.86.

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.