Vestcor Inc Acquires 8,507 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Vestcor Inc increased its stake in Targa Resources by 80.9% during Q1, owning 19,020 shares valued at $3.81 million.
• Targa Resources increased its quarterly dividend from $0.12 to $1.00 per share, representing a 2.39% dividend yield.
• Analysts maintain a consensus Buy rating on Targa Resources, with a consensus price target of $209.86.

Vestcor Inc boosted its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 80.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,020 shares of the pipeline company's stock after buying an additional 8,507 shares during the quarter. Vestcor Inc's holdings in Targa Resources were worth $3,813,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Cornerstone Planning Group LLC boosted its holdings in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares during the period. Ameriflex Group Inc. purchased a new stake in Targa Resources during the fourth quarter valued at about $31,000. Colonial Trust Co SC raised 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 valued at $29,000 after purchasing an additional 162 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the fourth quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Targa Resources in the fourth quarter worth about $32,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP traded down $3.34 during mid-day trading on Friday, hitting $163.07. 1,760,898 shares of the company traded hands, compared to its average volume of 1,234,745. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The stock has a 50-day moving average price of $167.83 and a two-hundred day moving average price of $180.05. The stock has a market cap of $35.38 billion, a price-to-earnings ratio of 30.03, a P/E/G ratio of 1.08 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Equities analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a $1.00 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. increased their price target 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. Mizuho set a $212.00 price target on Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Tuesday, July 15th. The Goldman Sachs Group reduced 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, Citigroup reduced 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. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $209.86.

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.