Exchange Traded Concepts LLC Buys 11,595 Shares of Targa Resources Corp. (NYSE:TRGP)

Exchange Traded Concepts LLC boosted its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,116 shares of the pipeline company's stock after buying an additional 11,595 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.07% of Targa Resources worth $31,297,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. Snowden Capital Advisors LLC raised its stake in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after acquiring an additional 53 shares during the last quarter. Ritholtz Wealth Management increased its holdings in Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after purchasing an additional 62 shares in the last quarter. Fisher Asset Management LLC raised its position in Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock valued at $396,000 after purchasing an additional 67 shares during the last quarter. Keybank National Association OH raised its position in Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after purchasing an additional 70 shares during the last quarter. Finally, Curated Wealth Partners LLC boosted its stake in Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after purchasing an additional 73 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 3.3%

Targa Resources stock traded up $5.66 during midday trading on Friday, hitting $174.80. 2,706,170 shares of the stock were exchanged, compared to its average volume of 1,838,893. The stock has a market capitalization of $37.92 billion, a PE ratio of 30.45, a P/E/G ratio of 0.61 and a beta of 1.07. The company has a fifty day simple moving average of $165.95 and a two-hundred day simple moving average of $184.17. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $119.00 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Royal Bank of Canada lowered their price objective on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Barclays reduced their target price on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 20th. Morgan Stanley increased their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Finally, Scotiabank boosted their price objective on shares of Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a research report on Thursday, June 5th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources has an average rating of "Buy" and a consensus target price of $199.07.

Targa Resources Profile

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.