Fort Washington Investment Advisors Inc. OH Increases Holdings in Targa Resources, Inc. $TRGP

Key Points

• Fort Washington Investment Advisors Inc. OH significantly increased its holdings in Targa Resources, Inc. by 158.4% in the 2nd quarter, now owning 17,899 shares valued at $3,116,000.
• Targa Resources recently announced a quarterly dividend of $1.00, yielding 2.4%, representing a substantial increase from the previous dividend of $0.12.
• Wall Street analysts generally hold a positive view on Targa Resources, with an average rating of "Moderate Buy" and a consensus price target increase to $207.27.

Fort Washington Investment Advisors Inc. OH grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 158.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,899 shares of the pipeline company's stock after purchasing an additional 10,973 shares during the quarter. Fort Washington Investment Advisors Inc. OH's holdings in Targa Resources were worth $3,116,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Targa Resources by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after acquiring an additional 423,667 shares during the last quarter. Wellington Management Group LLP increased its holdings in Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after acquiring an additional 962,631 shares during the last quarter. Invesco Ltd. increased its holdings in Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock worth $915,338,000 after acquiring an additional 139,780 shares during the last quarter. GQG Partners LLC increased its holdings in Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock worth $568,217,000 after acquiring an additional 77,999 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TRGP shares. TD Cowen started coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Royal Bank Of Canada lifted their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. Finally, Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. One research 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 company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $207.27.

Targa Resources Stock Down 2.9%

TRGP stock opened at $169.16 on Tuesday. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The company's 50 day moving average is $165.46 and its 200 day moving average is $169.81. The stock has a market cap of $36.40 billion, a price-to-earnings ratio of 23.93, a price-to-earnings-growth ratio of 1.03 and a beta of 1.20. Targa Resources, Inc. has a 1-year low of $145.54 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 56.58%.

Targa Resources 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.

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