PNC Financial Services Group Inc. Boosts Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• PNC Financial Services Group Inc. increased its stake in Targa Resources, Inc. by 8.3%, owning a total of 21,685 shares valued at $4.35 million as of the last reporting period.
• Targa Resources has announced a quarterly dividend of $1.00 per share, significantly up from its previous $0.12, representing a 2.4% yield.
• Wall Street analysts have a consensus buy rating for Targa Resources, with price targets ranging from $192.00 to $209.86.

PNC Financial Services Group Inc. lifted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,685 shares of the pipeline company's stock after buying an additional 1,668 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Targa Resources were worth $4,347,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC grew its stake 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 purchasing an additional 110 shares in the last quarter. Colonial Trust Co SC boosted 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 acquiring an additional 162 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources during the 4th quarter worth about $31,000. Ameriflex Group Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Up 2.2%

TRGP opened at $166.64 on Friday. The business has a 50 day moving average price of $168.21 and a two-hundred day moving average price of $178.72. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The company has a market cap of $36.15 billion, a PE ratio of 30.69, a P/E/G ratio of 1.06 and a beta of 1.12. Targa Resources, Inc. has a 52 week low of $133.50 and a 52 week high of $218.51.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TRGP shares. TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Barclays upped their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. The Goldman Sachs Group lowered their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, JPMorgan Chase & Co. upped their price objective on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $209.86.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.