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Fifth Third Bancorp Has $1.90 Million Holdings in Targa Resources, Inc. $TRGP

Targa Resources logo with Energy background

Key Points

  • Fifth Third Bancorp increased its holdings in Targa Resources, Inc. by 17.0% during the second quarter, bringing its total investment to approximately $1.90 million with 10,934 shares owned.
  • Targa Resources recently reported earnings of $2.87 per share, exceeding analysts' expectations, despite revenue falling short of estimates at $4.26 billion.
  • The company has also raised its quarterly dividend to $1.00 per share, representing a yield of 2.3%, up from the previous dividend of $0.12.
  • Interested in Targa Resources? Here are five stocks we like better.

Fifth Third Bancorp raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 17.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,934 shares of the pipeline company's stock after acquiring an additional 1,591 shares during the quarter. Fifth Third Bancorp's holdings in Targa Resources were worth $1,903,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Ritholtz Wealth Management increased its holdings in Targa Resources by 1.3% during the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after buying an additional 62 shares during the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after purchasing an additional 62 shares during the period. UMB Bank n.a. lifted its stake in Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company's stock valued at $115,000 after purchasing an additional 70 shares during the last quarter. Curated Wealth Partners LLC grew its holdings in Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after purchasing an additional 73 shares during the period. Finally, D.A. Davidson & CO. increased its position in Targa Resources by 1.8% during the first quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock worth $855,000 after buying an additional 74 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 1.5%

Shares of TRGP stock opened at $174.36 on Friday. The company has a market cap of $37.52 billion, a P/E ratio of 24.66, a PEG ratio of 1.03 and a beta of 1.20. Targa Resources, Inc. has a fifty-two week low of $144.30 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The stock has a 50 day simple moving average of $165.34 and a two-hundred day simple moving average of $170.04.

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 for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Research 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 declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.3%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio is currently 56.58%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their target price on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Cfra Research upgraded Targa Resources to a "hold" rating in a research report on Friday, August 8th. Royal Bank Of Canada upped their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Barclays raised their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $207.27.

View Our Latest Analysis on TRGP

About Targa Resources

(Free Report)

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.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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