Concurrent Investment Advisors LLC Makes New Investment in Targa Resources, Inc. (NYSE:TRGP)

Concurrent Investment Advisors LLC acquired a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,136 shares of the pipeline company's stock, valued at approximately $1,030,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. World Investment Advisors grew its stake in shares of Targa Resources by 6.8% during the first quarter. World Investment Advisors now owns 1,720 shares of the pipeline company's stock worth $345,000 after acquiring an additional 109 shares during the last quarter. Olde Wealth Management LLC acquired a new position in Targa Resources in the 1st quarter worth approximately $52,000. Truist Financial Corp increased its holdings in Targa Resources by 5.5% in the 1st quarter. Truist Financial Corp now owns 874,538 shares of the pipeline company's stock worth $175,319,000 after buying an additional 45,508 shares during the period. Catalyst Capital Advisors LLC raised its position in Targa Resources by 9.1% during the 1st quarter. Catalyst Capital Advisors LLC now owns 163,214 shares of the pipeline company's stock worth $32,720,000 after buying an additional 13,570 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its stake in shares of Targa Resources by 6.4% in the first quarter. IFM Investors Pty Ltd now owns 62,937 shares of the pipeline company's stock worth $12,617,000 after acquiring an additional 3,791 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on TRGP. The Goldman Sachs Group lowered their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays upped their price target on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday. Scotiabank raised their price objective on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a report on Thursday, June 5th. Finally, Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $209.57.

Targa Resources Trading Up 0.7%

TRGP stock traded up $1.15 during mid-day trading on Friday, hitting $171.89. 801,427 shares of the company were exchanged, compared to its average volume of 1,842,486. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The firm has a market capitalization of $37.29 billion, a P/E ratio of 31.66, a PEG ratio of 0.61 and a beta of 1.07. The business has a fifty day simple moving average of $166.55 and a 200-day simple moving average of $182.02. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. On average, equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is currently 73.66%.

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.