Targa Resources, Inc. $TRGP Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. trimmed its stake in Targa Resources by 0.8%, selling 220,351 shares and now owns 28,161,938 shares (about 13.12%) valued at roughly $5.196 billion.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00) from $1.00, implying a ~2.1% yield with an ex-dividend date of April 30 and a payment date of May 15.
• The company beat quarterly earnings estimates ($2.51 vs. $2.35) and has attracted multiple analyst price-target upgrades (e.g., Morgan Stanley to $327), with a MarketBeat consensus target of $259.93 and a "Moderate Buy" rating.

Vanguard Group Inc. lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 0.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 28,161,938 shares of the pipeline company's stock after selling 220,351 shares during the period. Vanguard Group Inc. owned about 13.12% of Targa Resources worth $5,195,878,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources during the 4th quarter valued at $27,000. Peoples Financial Services CORP. acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $34,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $39,000. Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources during the 4th quarter valued at $42,000. Finally, Avion Wealth lifted its position in shares of Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company's stock valued at $46,000 after acquiring an additional 228 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 0.3%

NYSE TRGP opened at $241.41 on Tuesday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $253.87. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The company has a market capitalization of $51.85 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 1.56 and a beta of 0.81. The firm's fifty day simple moving average is $239.10 and its 200-day simple moving average is $199.89.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 10.32 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's dividend payout ratio (DPR) is currently 58.21%.

Analysts Set New Price Targets

Several brokerages have issued reports on TRGP. Morgan Stanley boosted their target price on shares of Targa Resources from $298.00 to $327.00 and gave the company an "overweight" rating in a research note on Tuesday, April 7th. Weiss Ratings raised shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. BMO Capital Markets reissued an "outperform" rating and set a $241.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Royal Bank Of Canada boosted their target price on shares of Targa Resources from $260.00 to $270.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $279.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $259.93.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director directly owned 77,094 shares of the company's stock, valued at $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 104,929 shares of company stock valued at $24,692,134 in the last three months. Company insiders own 1.37% of the company's stock.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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