Western Financial Corp CA Buys Shares of 6,017 Targa Resources, Inc. (NYSE:TRGP)

Western Financial Corp CA bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,017 shares of the pipeline company's stock, valued at approximately $1,206,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Targa Resources by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after purchasing an additional 150,038 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after acquiring an additional 212,986 shares during the last quarter. Norges Bank acquired a new stake in shares of Targa Resources during the fourth quarter valued at about $505,132,000. Price T Rowe Associates Inc. MD boosted its position in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after buying an additional 53,853 shares during the period. Finally, GQG Partners LLC acquired a new position in shares of Targa Resources during the fourth quarter worth $393,335,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Mizuho set a $212.00 price objective on Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. UBS Group reduced their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Truist Financial boosted their target price 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $204.69.

Targa Resources Stock Down 1.2%

Targa Resources stock traded down $2.02 during mid-day trading on Friday, reaching $173.82. The stock had a trading volume of 754,558 shares, compared to its average volume of 1,833,812. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. Targa Resources, Inc. has a fifty-two week low of $122.56 and a fifty-two week high of $218.51. The stock's 50-day simple moving average is $166.29 and its 200-day simple moving average is $182.61. The firm has a market capitalization of $37.71 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 0.60 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a $1.00 dividend. 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 is presently 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.