Federated Hermes Inc. Has $102.46 Million Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Federated Hermes Inc. boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 511,095 shares of the pipeline company's stock after purchasing an additional 48,436 shares during the period. Federated Hermes Inc. owned about 0.23% of Targa Resources worth $102,459,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC lifted its position in Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares in the last quarter. Colonial Trust Co SC increased its stake in shares of Targa Resources by 5,400.0% in the 4th 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 last quarter. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the fourth quarter worth $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources in the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in Targa Resources during the 4th quarter worth approximately $32,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of recent research reports. Mizuho set a $212.00 target price on Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Tuesday, July 15th. Royal Bank Of Canada restated an "outperform" rating and issued a $205.00 price target on shares of Targa Resources in a research note on Tuesday, July 15th. Citigroup cut their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, The Goldman Sachs Group lowered their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Two equities 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 company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $209.86.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $3.34 on Friday, reaching $163.07. 1,760,898 shares of the company's stock were exchanged, compared to its average volume of 1,234,745. Targa Resources, Inc. has a twelve month low of $122.56 and a twelve month high of $218.51. The company has a fifty day moving average of $167.83 and a 200-day moving average of $180.05. The company has a market capitalization of $35.38 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 1.08 and a beta of 1.07. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. On average, research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. 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. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. Targa Resources's payout ratio is currently 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.