C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Invests $5.78 Million in Targa Resources Corp. (NYSE:TRGP)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 32,405 shares of the pipeline company's stock, valued at approximately $5,784,000.

Several other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock valued at $2,235,927,000 after acquiring an additional 633,589 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Targa Resources by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company's stock valued at $843,680,000 after acquiring an additional 97,583 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Targa Resources by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock valued at $197,076,000 after acquiring an additional 14,287 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Targa Resources by 8.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company's stock valued at $186,139,000 after acquiring an additional 96,268 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Targa Resources by 19.5% during the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after acquiring an additional 168,602 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Morgan Stanley raised their target price on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Barclays raised their target price on Targa Resources from $171.00 to $204.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Truist Financial lowered their price objective on Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a research report on Friday, December 13th. UBS Group lifted their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $197.21.

Targa Resources Stock Down 1.9 %

TRGP stock traded down $3.81 during mid-day trading on Friday, reaching $200.89. 2,760,117 shares of the company traded hands, compared to its average volume of 1,514,856. The stock has a market cap of $43.81 billion, a price-to-earnings ratio of 36.33, a P/E/G ratio of 0.62 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a fifty-two week low of $95.88 and a fifty-two week high of $218.51. The firm's 50 day moving average price is $195.58 and its 200 day moving average price is $175.41.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. As a group, equities research analysts predict that Targa Resources Corp. will post 6.36 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. Targa Resources's payout ratio is presently 54.25%.

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.