Lazard Asset Management LLC Boosts Stock Position in Targa Resources, Inc. $TRGP

Lazard Asset Management LLC raised its stake in Targa Resources, Inc. (NYSE:TRGP) by 33.8% during the first quarter, HoldingsChannel reports. The fund owned 106,738 shares of the pipeline company’s stock after buying an additional 26,934 shares during the period. Lazard Asset Management LLC’s holdings in Targa Resources were worth $26,762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Targa Resources during the 4th quarter valued at about $735,758,000. Goldman Sachs Group Inc. raised its holdings in Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after buying an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Targa Resources in the third quarter worth approximately $121,426,000. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after buying an additional 572,562 shares in the last quarter. Finally, UniSuper Management Pty Ltd lifted its stake in shares of Targa Resources by 1,811.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company’s stock worth $81,980,000 after buying an additional 421,084 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 2.1%

Shares of TRGP stock opened at $262.01 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The stock has a market cap of $56.24 billion, a P/E ratio of 26.49, a P/E/G ratio of 1.37 and a beta of 0.71. The company has a 50 day simple moving average of $269.42 and a two-hundred day simple moving average of $243.64.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.77 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on TRGP shares. UBS Group reissued a “buy” rating and set a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. Wells Fargo & Company upped their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Jefferies Financial Group assumed coverage on Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 target price on the stock. Barclays lifted their target price on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Seventeen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $288.00.

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.