Fifth Third Bancorp Has $10.68 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Fifth Third Bancorp boosted its stake in Targa Resources by 271.3% in the first quarter, ending with 42,592 shares worth about $10.68 million.
• Targa Resources reported Q1 earnings and revenue below estimates, with EPS of $2.21 versus $2.48 expected and revenue of $4.09 billion versus $4.68 billion anticipated.
• The company raised its quarterly dividend to $1.25 per share from $1.00, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $282.73.

Fifth Third Bancorp grew its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 271.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 42,592 shares of the pipeline company's stock after purchasing an additional 31,120 shares during the period. Fifth Third Bancorp's holdings in Targa Resources were worth $10,679,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Heronetta Management L.P. lifted its position in Targa Resources by 1.0% in the 1st quarter. Heronetta Management L.P. now owns 10,342 shares of the pipeline company's stock valued at $2,593,000 after acquiring an additional 100 shares in the last quarter. Simplicity Wealth LLC acquired a new position in Targa Resources during the first quarter valued at approximately $261,000. Candriam S.C.A. grew its stake in shares of Targa Resources by 564.1% in the first quarter. Candriam S.C.A. now owns 158,775 shares of the pipeline company's stock valued at $39,810,000 after buying an additional 134,866 shares in the last quarter. Conning Inc. bought a new position in shares of Targa Resources in the 1st quarter valued at about $219,000. Finally, Sequoia Financial Advisors LLC grew its holdings in Targa Resources by 3.8% during the first quarter. Sequoia Financial Advisors LLC now owns 8,774 shares of the pipeline company's stock worth $2,200,000 after purchasing an additional 325 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Targa Resources stock opened at $281.58 on Wednesday. The stock's 50 day moving average is $265.98 and its 200 day moving average is $236.91. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $282.81. The firm has a market cap of $60.44 billion, a P/E ratio of 28.47, a P/E/G ratio of 1.43 and a beta of 0.71.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, research analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources's payout ratio is 50.56%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Targa Resources in a report on Thursday, July 2nd. The Goldman Sachs Group raised their price objective on Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. Mizuho boosted their price target on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Finally, Truist Financial increased their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Seventeen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $282.73.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company's stock, 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 SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company's stock.

Targa Resources Company 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.

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