Envestnet Asset Management Inc. Has $93.20 Million Stake in Targa Resources, Inc. (NYSE:TRGP)

Envestnet Asset Management Inc. raised its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 464,904 shares of the pipeline company's stock after acquiring an additional 37,853 shares during the period. Envestnet Asset Management Inc. owned approximately 0.21% of Targa Resources worth $93,199,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock valued at $4,848,169,000 after buying an additional 150,038 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after buying an additional 212,986 shares in the last quarter. Norges Bank acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD raised its position in shares of Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after buying an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $393,335,000. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRGP. Scotiabank lifted their price target on shares of Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a research report on Thursday, June 5th. Barclays upped their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Finally, Citigroup cut their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $209.57.

Targa Resources Price Performance

Shares of NYSE:TRGP traded up $1.15 during trading on Friday, hitting $171.89. 801,427 shares of the company were exchanged, compared to its average volume of 1,845,908. The business's 50 day moving average is $166.55 and its 200-day moving average is $182.03. The company has a market capitalization of $37.29 billion, a P/E ratio of 31.66, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. 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 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed 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. This represents a $4.00 dividend on an annualized basis and a yield of 2.33%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's dividend payout ratio is presently 73.66%.

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.