Targa Resources, Inc. (NYSE:TRGP) Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 684,542 shares of the pipeline company's stock after purchasing an additional 11,831 shares during the period. Targa Resources comprises 8.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 2nd largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.31% of Targa Resources worth $137,230,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of TRGP. Colonial Trust Co SC lifted its stake in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Atala Financial Inc acquired a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC acquired a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on TRGP. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. UBS Group decreased their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $204.69.

Targa Resources Stock Down 0.8%

Shares of TRGP opened at $174.45 on Friday. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The firm's 50 day moving average is $166.29 and its 200-day moving average is $182.53. The stock has a market capitalization of $37.84 billion, a PE ratio of 32.13, a P/E/G ratio of 0.62 and a beta of 1.07. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results 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 business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. Equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Shareholders 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 yield of 2.34%. 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.

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