Fintel reports that Vanguard Group has filed a 13G/A form with the SEC disclosing ownership of 25.88MM shares of Targa Resources Corp (TRGP). This represents 11.43% of the company.
In their previous filing dated February 10, 2022 they reported 23.79MM shares and 10.39% of the company, an increase in shares of 8.80% and an increase in total ownership of 1.04% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 27.41% Upside
As of February 7, 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 27.41% from its latest reported closing price of $75.17.
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%.
What is the Fund Sentiment?
There are 1195 funds or institutions reporting positions in Targa Resources. This is a decrease of 2 owner(s) or 0.17% in the last quarter. Average portfolio weight of all funds dedicated to TRGP is 0.61%, a decrease of 0.25%. Total shares owned by institutions decreased in the last three months by 0.88% to 242,289K shares. The put/call ratio of TRGP is 0.56, indicating a bullish outlook.
What are large shareholders doing?
Blackstone Group holds 10,000K shares representing 4.42% ownership of the company. In it's prior filing, the firm reported owning 10,892K 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 8,873K shares representing 3.92% ownership of the company. In it's prior filing, the firm reported owning 8,943K 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 6,754K shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 6,707K 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 6,620K shares representing 2.92% ownership of the company. In it's prior filing, the firm reported owning 6,547K 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 6,522K shares representing 2.88% ownership of the company. In it's prior filing, the firm reported owning 4,524K 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
On January 19, 2023 the company 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 $75.17 / share, the stock's dividend yield is 1.86%. Looking back five years and taking a sample every week, the average dividend yield has been 5.64%, 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.
