Wealth Enhancement Advisory Services LLC raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 32.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,457 shares of the pipeline company's stock after purchasing an additional 10,158 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Targa Resources were worth $8,311,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. SBI Securities Co. Ltd. acquired a new position in Targa Resources during the 4th quarter worth $88,000. Commonwealth Equity Services LLC lifted its position in shares of Targa Resources by 30.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 28,024 shares of the pipeline company's stock worth $5,002,000 after purchasing an additional 6,589 shares during the last quarter. West Michigan Advisors LLC acquired a new position in Targa Resources in the fourth quarter worth about $579,000. Aptus Capital Advisors LLC acquired a new position in Targa Resources in the fourth quarter worth about $338,000. Finally, PDS Planning Inc bought a new stake in Targa Resources in the fourth quarter valued at about $250,000. Institutional investors and hedge funds own 92.13% of the company's stock.
Analyst Ratings Changes
A number of analysts have weighed in on TRGP shares. Truist Financial increased their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. 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 dropped their price objective on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 20th. Scotiabank lifted their target price on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a research note on Thursday, June 5th. Finally, The Goldman Sachs Group lowered their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Thirteen investment 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.com, Targa Resources currently has an average rating of "Buy" and a consensus target price of $199.07.
Check Out Our Latest Research Report on TRGP
Targa Resources Trading Down 3.4%
Shares of NYSE TRGP opened at $164.94 on Tuesday. Targa Resources, Inc. has a twelve month low of $122.56 and a twelve month high of $218.51. The stock has a market cap of $35.78 billion, a price-to-earnings ratio of 30.38, a P/E/G ratio of 0.60 and a beta of 1.07. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The company's fifty day moving average is $166.31 and its 200-day moving average is $182.87.
Targa Resources (NYSE:TRGP - Get Free Report) last posted 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). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.
Targa Resources Announces Dividend
The company also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's dividend payout ratio is currently 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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