Fifth Third Bancorp Buys 31,120 Shares of Targa Resources, Inc. $TRGP

Fifth Third Bancorp raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 271.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,592 shares of the pipeline company’s stock after purchasing an additional 31,120 shares during the period. Fifth Third Bancorp’s holdings in Targa Resources were worth $10,679,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently modified their holdings of the business. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the 4th quarter valued at approximately $27,000. Olistico Wealth LLC purchased a new stake in shares of Targa Resources in the 4th quarter valued at about $27,000. Miller Capital Partners Inc. purchased a new stake in Targa Resources in the fourth quarter valued at approximately $30,000. Leonteq Securities AG bought a new stake in shares of Targa Resources during the 4th quarter worth $31,000. Finally, Valued Wealth Advisors LLC lifted its stake in Targa Resources by 57.7% during the first quarter. Valued Wealth Advisors LLC now owns 175 shares of the pipeline company’s stock worth $44,000 after purchasing an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. TD Cowen boosted their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Mizuho increased their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, Jefferies Financial Group initiated coverage on Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 price target on the stock. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $282.73.

Targa Resources Price Performance

Shares of TRGP opened at $281.58 on Wednesday. The firm has a market cap of $60.44 billion, a PE ratio of 28.47, a P/E/G ratio of 1.43 and a beta of 0.71. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $282.81. The firm has a fifty day simple moving average of $265.98 and a two-hundred day simple moving average of $236.91.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. On average, equities analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.37% of the stock is currently owned by insiders.

About Targa Resources

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.