NorthCrest Asset Manangement LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,684 shares of the pipeline company's stock, valued at approximately $338,000.
A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock valued at $4,848,169,000 after buying an additional 150,038 shares during the last quarter. Geode Capital Management LLC grew its stake in Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after purchasing an additional 212,986 shares in the last quarter. Norges Bank bought a new position in Targa Resources in the fourth quarter worth approximately $505,132,000. Price T Rowe Associates Inc. MD grew its stake in Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after purchasing an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC bought a new position in Targa Resources in the fourth quarter worth approximately $393,335,000. Institutional investors own 92.13% of the company's stock.
Wall Street Analyst Weigh In
TRGP has been the topic of several research analyst reports. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Royal Bank of Canada dropped their price objective on Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. The Goldman Sachs Group dropped their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Finally, UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $199.07.
Read Our Latest Research Report on TRGP
Targa Resources Stock Performance
Shares of TRGP opened at $174.80 on Monday. The firm has a market cap 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 current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a fifty day moving average price of $165.95 and a 200-day moving average price of $184.05. Targa Resources Corp. has a 12 month low of $119.00 and a 12 month high of $218.51.
Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.
Targa Resources Dividend Announcement
The company also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is 73.66%.
About Targa Resources
(
Free Report)
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.
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