Rhumbline Advisers Increases Position in Targa Resources Corp. (NYSE:TRGP)

Rhumbline Advisers boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 481,301 shares of the pipeline company's stock after buying an additional 16,931 shares during the quarter. Rhumbline Advisers owned 0.22% of Targa Resources worth $96,486,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Norges Bank purchased a new position in Targa Resources in the fourth quarter valued at $505,132,000. GQG Partners LLC acquired a new position in Targa Resources in the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board lifted its position in Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after acquiring an additional 1,038,350 shares during the period. GAMMA Investing LLC increased its stake in Targa Resources by 22,699.0% in the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock valued at $186,112,000 after buying an additional 924,305 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Targa Resources during the fourth quarter worth about $150,372,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Targa Resources stock traded up $2.71 during mid-day trading on Thursday, hitting $163.39. 371,922 shares of the company were exchanged, compared to its average volume of 1,812,867. The business's 50 day simple moving average is $168.02 and its two-hundred day simple moving average is $186.03. Targa Resources Corp. has a 12-month low of $115.82 and a 12-month high of $218.51. The company has a market capitalization of $35.45 billion, a P/E ratio of 28.44, a PEG ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data 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 return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's payout ratio is currently 73.66%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Truist Financial increased their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Citigroup lowered their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, UBS Group reduced their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target 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.