Connor Clark & Lunn Investment Management Ltd. Buys New Position in Targa Resources, Inc. $TRGP

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 100,998 shares of the pipeline company’s stock, valued at approximately $27,082,000.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Hardy Reed LLC boosted its stake in shares of Targa Resources by 1.0% in the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after purchasing an additional 41 shares during the last quarter. Versant Capital Management Inc raised its stake in Targa Resources by 4.1% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after buying an additional 45 shares during the last quarter. Hantz Financial Services Inc. raised its stake in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after buying an additional 50 shares during the last quarter. River Wealth Advisors LLC lifted its holdings in Targa Resources by 0.3% in the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after buying an additional 50 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its holdings in Targa Resources by 0.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after buying an additional 51 shares during the period. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TRGP. JPMorgan Chase & Co. increased their price target on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Wolfe Research set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. TD Cowen raised their target price on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Raymond James Financial set a $335.00 target price on Targa Resources in a report on Friday, August 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $297.18.

Targa Resources Stock Performance

Shares of TRGP opened at $294.10 on Tuesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a 50-day moving average of $272.62 and a 200-day moving average of $255.13. The company has a market cap of $63.06 billion, a PE ratio of 28.12, a P/E/G ratio of 1.43 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities research analysts predict that Targa Resources, Inc. will post 11.13 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.