Charles Schwab Investment Management Inc. Has $304.92 Million Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Charles Schwab Investment Management Inc. has increased its stake in Targa Resources by 3.9%, owning approximately 0.70% of the company worth $304.9 million.
• Analyst price targets for Targa Resources have been adjusted upwards, with a consensus target of $208.79 and most analysts giving the stock a "buy" rating.
• Targa Resources has announced a quarterly dividend of $1.00 per share, significantly increasing from the previous $0.12, representing an annual yield of 2.4%.

Charles Schwab Investment Management Inc. lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 3.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,521,036 shares of the pipeline company's stock after purchasing an additional 56,925 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.70% of Targa Resources worth $304,922,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Cornerstone Planning Group LLC grew its position 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 acquiring an additional 110 shares during the period. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 162 shares during the period. Cary Street Partners Financial LLC bought a new stake in Targa Resources in the fourth quarter valued at $31,000. Ameriflex Group Inc. bought a new stake in Targa Resources in the fourth quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources in the fourth quarter valued at $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 1.8%

Targa Resources stock traded down $3.04 during mid-day trading on Wednesday, hitting $165.00. The stock had a trading volume of 506,854 shares, compared to its average volume of 1,876,431. The stock has a 50-day simple moving average of $168.49 and a two-hundred day simple moving average of $177.54. The stock has a market capitalization of $35.51 billion, a PE ratio of 23.32, a P/E/G ratio of 1.04 and a beta of 1.12. Targa Resources, Inc. has a 12 month low of $136.60 and a 12 month high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.4%. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TRGP. UBS Group lowered their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Tuesday, July 15th. Citigroup decreased their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Finally, The Goldman Sachs Group decreased their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Three research 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $209.00.

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.