Vanguard Group Inc. Acquires 423,667 Shares of Targa Resources, Inc. (NYSE:TRGP)

Vanguard Group Inc. boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.6% in the 1st quarter, Holdings Channel reports. The firm owned 27,584,275 shares of the pipeline company’s stock after buying an additional 423,667 shares during the period. Vanguard Group Inc. owned 0.13% of Targa Resources worth $5,529,820,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cornerstone Planning Group LLC lifted its stake in shares of 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 during the last quarter. Ameriflex Group Inc. bought a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Colonial Trust Co SC lifted its stake in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after acquiring an additional 162 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Targa Resources in the 4th quarter valued at $32,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $163.21 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The business has a 50-day moving average price of $167.96 and a two-hundred day moving average price of $179.17. Targa Resources, Inc. has a 1-year low of $133.15 and a 1-year high of $218.51. The company has a market cap of $35.41 billion, a P/E ratio of 30.06, a PEG ratio of 1.06 and a beta of 1.12.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Thursday, July 31st. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price target on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Barclays increased their price target on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $205.00 price target on shares of Targa Resources in a research note on Tuesday, July 15th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a report on Tuesday, July 15th. Finally, 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. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target 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.