US Bancorp DE lifted its holdings in Targa Resources Corp (NYSE:TRGP) by 28.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,977 shares of the pipeline company’s stock after buying an additional 6,247 shares during the quarter. US Bancorp DE’s holdings in Targa Resources were worth $1,355,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. increased its position in Targa Resources by 3.5% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 6,958,912 shares of the pipeline company’s stock worth $329,157,000 after purchasing an additional 237,777 shares during the period. Harvest Fund Advisors LLC increased its position in Targa Resources by 40.8% in the third quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after purchasing an additional 1,446,438 shares during the period. Jennison Associates LLC increased its position in Targa Resources by 14.8% in the fourth quarter. Jennison Associates LLC now owns 3,224,639 shares of the pipeline company’s stock worth $156,137,000 after purchasing an additional 416,015 shares during the period. Neuberger Berman Group LLC increased its position in Targa Resources by 15.2% in the third quarter. Neuberger Berman Group LLC now owns 2,890,670 shares of the pipeline company’s stock worth $136,729,000 after purchasing an additional 381,000 shares during the period. Finally, Atlantic Trust Group LLC increased its position in Targa Resources by 4.0% in the third quarter. Atlantic Trust Group LLC now owns 2,611,451 shares of the pipeline company’s stock worth $123,522,000 after purchasing an additional 99,553 shares during the period. 88.69% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on TRGP. Goldman Sachs Group upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Thursday, February 1st. Stifel Nicolaus reiterated a “buy” rating and issued a $55.00 price objective on shares of Targa Resources in a research report on Friday. Credit Suisse Group began coverage on Targa Resources in a research report on Thursday, January 4th. They issued a “neutral” rating and a $46.00 price objective for the company. Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $50.00 to $58.00 in a research report on Wednesday, January 17th. Finally, Royal Bank of Canada reiterated a “buy” rating and issued a $60.00 price objective on shares of Targa Resources in a research report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $54.94.
Targa Resources Corp (NYSE:TRGP) opened at $47.91 on Tuesday. The stock has a market capitalization of $10,484.16, a PE ratio of -18.01 and a beta of 2.07. Targa Resources Corp has a 12-month low of $39.59 and a 12-month high of $60.62. The company has a current ratio of 0.74, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were given a dividend of $0.91 per share. The ex-dividend date was Wednesday, January 31st. This represents a $3.64 annualized dividend and a dividend yield of 7.60%. Targa Resources’s payout ratio is currently -136.84%.
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Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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