Targa Resources, Inc. $TRGP Shares Bought by Vestmark Advisory Solutions Inc.

Key Points

• Vestmark Advisory Solutions Inc. increased its position in Targa Resources by 99.9%, now owning 13,626 shares valued at approximately $2.73 million.
• Analysts have set a consensus target price of $209.21 for Targa Resources, with ratings ranging from "hold" to "strong buy."
• Targa Resources recently announced a quarterly dividend of $1.00, increasing from its previous dividend of $0.12, reflecting a strong commitment to shareholder returns.

Vestmark Advisory Solutions Inc. lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 99.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,626 shares of the pipeline company's stock after purchasing an additional 6,811 shares during the period. Vestmark Advisory Solutions Inc.'s holdings in Targa Resources were worth $2,732,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Colonial Trust Co SC increased its position in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in Targa Resources during the fourth quarter worth approximately $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources during the fourth quarter worth $32,000. Institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. TD Cowen started coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Barclays upped their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Stock Up 0.4%

Shares of TRGP traded up $0.6170 during mid-day trading on Thursday, hitting $163.4870. 329,373 shares of the company traded hands, compared to its average volume of 1,862,156. Targa Resources, Inc. has a 1-year low of $142.11 and a 1-year high of $218.51. The company has a market capitalization of $35.18 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 1.01 and a beta of 1.12. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The business has a 50 day moving average of $168.30 and a 200 day moving average of $176.13.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion during 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%. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed 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 is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's dividend payout ratio is currently 56.58%.

Targa Resources Company 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.