Wealth Enhancement Advisory Services LLC Acquires 17,928 Shares of Targa Resources Corp. (NYSE:TRGP)

Wealth Enhancement Advisory Services LLC raised its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 134.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,299 shares of the pipeline company's stock after purchasing an additional 17,928 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Targa Resources were worth $5,587,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of TRGP. Perigon Wealth Management LLC purchased a new position in shares of Targa Resources in the 4th quarter worth about $195,000. Tokio Marine Asset Management Co. Ltd. purchased a new position in Targa Resources in the fourth quarter valued at about $608,000. Tritonpoint Wealth LLC grew its position in shares of Targa Resources by 8.0% during the 4th quarter. Tritonpoint Wealth LLC now owns 1,548 shares of the pipeline company's stock valued at $276,000 after acquiring an additional 115 shares during the period. DAVENPORT & Co LLC bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $221,000. Finally, Greenleaf Trust increased its stake in shares of Targa Resources by 2.2% during the 4th quarter. Greenleaf Trust now owns 6,306 shares of the pipeline company's stock worth $1,126,000 after purchasing an additional 137 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP traded down $4.23 during midday trading on Wednesday, hitting $160.70. 2,487,480 shares of the company traded hands, compared to its average volume of 1,817,569. Targa Resources Corp. has a one year low of $114.51 and a one year high of $218.51. The firm has a market cap of $34.86 billion, a P/E ratio of 28.00, 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. The stock has a 50-day moving average of $168.76 and a 200-day moving average of $186.21.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, sell-side analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Wall Street Analyst Weigh In

TRGP has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Barclays decreased their price objective on Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a report on Tuesday, May 20th. Mizuho set a $212.00 price objective on Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Finally, Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $198.79.

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.