Fifth Third Wealth Advisors LLC Grows Holdings in Targa Resources Corp. (NYSE:TRGP)

Fifth Third Wealth Advisors LLC grew its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 45.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,173 shares of the pipeline company's stock after buying an additional 1,626 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Targa Resources were worth $1,037,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Colonial Trust Co SC grew its position in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc acquired a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources during the 4th quarter worth $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TRGP has been the topic of a number of analyst reports. Barclays reduced their price objective on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 20th. The Goldman Sachs Group lowered their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Citigroup reduced 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. Morgan Stanley increased their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Finally, US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $199.07.

Targa Resources Stock Up 2.0%

Shares of TRGP traded up $3.21 during trading hours on Thursday, reaching $163.89. The stock had a trading volume of 1,903,459 shares, compared to its average volume of 1,820,958. The firm has a 50-day simple moving average of $167.29 and a 200 day simple moving average of $185.79. Targa Resources Corp. has a 12 month low of $116.73 and a 12 month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $35.55 billion, a price-to-earnings ratio of 28.55, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last released 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 business 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 7.81% and a return on equity of 28.67%. Equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is presently 73.66%.

About Targa Resources

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.