Braun Stacey Associates Inc. Increases Stake in Targa Resources Corp. (NYSE:TRGP)

Braun Stacey Associates Inc. raised its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 76.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 131,589 shares of the pipeline company's stock after acquiring an additional 56,984 shares during the quarter. Braun Stacey Associates Inc. owned approximately 0.06% of Targa Resources worth $23,489,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRGP. Wellington Management Group LLP boosted its stake in Targa Resources by 4.4% in the third 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 during the last quarter. National Bank of Canada FI raised its position in shares of Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company's stock valued at $89,413,000 after purchasing an additional 259,776 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of Targa Resources by 599.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company's stock valued at $42,619,000 after purchasing an additional 246,762 shares during the period. International Assets Investment Management LLC raised its position in shares of Targa Resources by 14,163.5% in the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company's stock valued at $30,232,000 after purchasing an additional 202,822 shares during the period. Finally, Worldquant Millennium Advisors LLC raised its position in shares of Targa Resources by 1,904.8% in the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company's stock valued at $29,596,000 after purchasing an additional 189,984 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the topic of several research reports. Barclays boosted their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a research report on Monday, January 13th. Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research report on Thursday. Truist Financial lowered their price target on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Finally, UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research report on Friday, November 15th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $197.21.

Targa Resources Price Performance

Shares of NYSE:TRGP traded down $3.81 during trading on Friday, reaching $200.89. The company had a trading volume of 2,760,117 shares, compared to its average volume of 1,514,856. The company has a fifty day moving average of $195.58 and a two-hundred day moving average of $175.41. The stock has a market capitalization of $43.81 billion, a P/E ratio of 36.33, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29. Targa Resources Corp. has a 12 month low of $95.88 and a 12 month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

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

Targa Resources Announces Dividend

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