Empowered Funds LLC Has $8.40 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Empowered Funds LLC lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 1,312.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,052 shares of the pipeline company's stock after buying an additional 43,721 shares during the period. Empowered Funds LLC's holdings in Targa Resources were worth $8,399,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wilmington Savings Fund Society FSB boosted its holdings in shares of Targa Resources by 134.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,297 shares of the pipeline company's stock valued at $410,000 after acquiring an additional 1,319 shares during the period. Advisors Preferred LLC bought a new stake in Targa Resources in the 4th quarter valued at about $2,203,000. Conning Inc. acquired a new position in Targa Resources during the 4th quarter valued at about $217,000. Realta Investment Advisors grew its position in Targa Resources by 12.7% in the 4th quarter. Realta Investment Advisors now owns 1,655 shares of the pipeline company's stock worth $308,000 after purchasing an additional 186 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Targa Resources by 2.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,357 shares of the pipeline company's stock worth $4,169,000 after purchasing an additional 535 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $3.63 during mid-day trading on Thursday, reaching $204.22. The company had a trading volume of 1,166,110 shares, compared to its average volume of 1,428,523. The company has a 50-day moving average price of $193.53 and a two-hundred day moving average price of $172.65. The stock has a market cap of $44.53 billion, a PE ratio of 36.93, a P/E/G ratio of 0.59 and a beta of 2.29. 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 Corp. has a 1-year low of $87.92 and a 1-year high of $218.51.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.75 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. Targa Resources's dividend payout ratio is currently 54.25%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Scotiabank began coverage on Targa Resources in a report on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price objective for the company. Truist Financial reduced their price target 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. Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a report on Friday, October 25th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Finally, UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research note on Friday, November 15th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $189.21.

About Targa Resources

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.