Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 18.40MM shares of Targa Resources Corp (TRGP). This represents 8.1% of the company.
In their previous filing dated June 9, 2022 they reported 24.43MM shares and 10.70% of the company, a decrease in shares of 24.69% and a decrease in total ownership of 2.60% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 28.09% Upside
As of February 2, 2023, the average one-year price target for Targa Resources is $95.77. The forecasts range from a low of $81.81 to a high of $116.55. The average price target represents an increase of 28.09% from its latest reported closing price of $74.77.
The projected annual revenue for Targa Resources is $24,819MM, an increase of 13.76%. The projected annual EPS is $5.60, an increase of 424.33%.
Fund Sentiment
There are 1192 funds or institutions reporting positions in Targa Resources. This is a decrease of 10 owner(s) or 0.83%.
Average portfolio weight of all funds dedicated to US:TRGP is 0.6089%, a decrease of 0.0189%. Total shares owned by institutions decreased in the last three months by 0.62% to 243,057K shares.
What are large shareholders doing?
Blackstone Group holds 9,999,545 shares representing 4.42% ownership of the company. In it's prior filing, the firm reported owning 10,892,038 shares, representing a decrease of 8.93%. The firm decreased its portfolio allocation in TRGP by 12.92% over the last quarter.
Tortoise Capital Advisors, L.l.c. holds 8,873,173 shares representing 3.92% ownership of the company. In it's prior filing, the firm reported owning 8,943,354 shares, representing a decrease of 0.79%. The firm increased its portfolio allocation in TRGP by 19.26% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,754,176 shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 6,706,631 shares, representing an increase of 0.70%. The firm increased its portfolio allocation in TRGP by 6.16% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 6,620,495 shares representing 2.92% ownership of the company. In it's prior filing, the firm reported owning 6,546,828 shares, representing an increase of 1.11%. The firm increased its portfolio allocation in TRGP by 2.77% over the last quarter.
Wellington Management Group Llp holds 6,522,105 shares representing 2.88% ownership of the company. In it's prior filing, the firm reported owning 4,523,663 shares, representing an increase of 30.64%. The firm increased its portfolio allocation in TRGP by 54.20% over the last quarter.
Targa Resources Declares $0.35 Dividend
Targa Resources said on January 19, 2023 that its board of directors declared a regular quarterly dividend of $0.35 per share ($1.40 annualized). Shareholders of record as of January 30, 2023 will receive the payment on February 15, 2023. Previously, the company paid $0.35 per share.
At the current share price of $74.77 / share, the stock's dividend yield is 1.87%. Looking back five years and taking a sample every week, the average dividend yield has been 5.67%, the lowest has been 0.69%, and the highest has been 56.17%. The standard deviation of yields is 7.29 (n=236).
The current dividend yield is 0.52 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.56. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.62%.
Targa Resources Background Information
(This description is provided by the company.)
Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary midstream infrastructure assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting and purchasing and selling natural gas; transporting, storing, fractionating, treating and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling and purchasing and selling crude oil.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
