1,599 Shares in Targa Resources, Inc. (NYSE:TRGP) Acquired by WESPAC Advisors LLC

WESPAC Advisors LLC acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,599 shares of the pipeline company's stock, valued at approximately $321,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TRGP. Bessemer Group Inc. increased its holdings in shares of Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after acquiring an additional 495 shares during the period. Oppenheimer & Co. Inc. grew its stake in Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after purchasing an additional 823 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources during the first quarter valued at about $544,000. Vontobel Holding Ltd. boosted its holdings in shares of Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after buying an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in shares of Targa Resources by 5.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after buying an additional 111 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. The Goldman Sachs Group reduced their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Truist Financial lifted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday. Barclays raised their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, TD Securities started coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of "Buy" and an average target price of $209.57.

Targa Resources Stock Performance

NYSE:TRGP traded up $0.77 during trading hours on Monday, reaching $172.67. The company had a trading volume of 934,989 shares, compared to its average volume of 1,944,969. The firm has a market cap of $37.46 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51. The business's 50 day moving average price is $166.55 and its 200-day moving average price is $182.06. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57.

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 analysts' consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend is Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is 73.66%.

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.