Banque Cantonale Vaudoise Invests $1.33 Million in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Banque Cantonale Vaudoise has invested approximately $1.33 million in Targa Resources, acquiring 6,630 shares in the process during the first quarter.
• Targa Resources declared a quarterly dividend of $1.00, a notable increase from its previous rate, representing an annualized yield of 2.39%.
• Research analysts have given Targa Resources a consensus rating of "Buy" with an average target price of $209.86, indicating positive market sentiment towards the stock.

Banque Cantonale Vaudoise purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,630 shares of the pipeline company's stock, valued at approximately $1,329,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Planning Group LLC boosted its position in Targa Resources by 578.9% in the 1st 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 period. Colonial Trust Co SC increased its position in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the period. Cary Street Partners Financial LLC acquired a new position in Targa Resources during the fourth quarter worth approximately $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources in the fourth quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Down 2.0%

Shares of Targa Resources stock traded down $3.34 during trading hours on Friday, hitting $163.07. The company's stock had a trading volume of 1,760,898 shares, compared to its average volume of 1,234,745. The company has a market capitalization of $35.38 billion, a PE ratio of 30.03, a P/E/G ratio of 1.08 and a beta of 1.07. The business has a fifty day moving average of $167.83 and a 200 day moving average of $180.05. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. Targa Resources's payout ratio is currently 73.66%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent analyst reports. Mizuho set a $212.00 price target on shares of Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. UBS Group reduced their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $205.00 price target on shares of Targa Resources in a report on Tuesday, July 15th. Finally, Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $209.86.

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.