Wealthstar Advisors LLC Acquires New Holdings in Targa Resources Corp. (NYSE:TRGP)

Wealthstar Advisors LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,981 shares of the pipeline company's stock, valued at approximately $1,782,000. Targa Resources accounts for approximately 0.8% of Wealthstar Advisors LLC's investment portfolio, making the stock its 27th biggest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Miller Howard Investments Inc. NY boosted its stake in Targa Resources by 3.8% in the 4th quarter. Miller Howard Investments Inc. NY now owns 349,325 shares of the pipeline company's stock worth $62,354,000 after purchasing an additional 12,904 shares during the period. Visionary Horizons LLC raised its holdings in shares of Targa Resources by 5.1% during the 4th quarter. Visionary Horizons LLC now owns 4,805 shares of the pipeline company's stock worth $858,000 after acquiring an additional 231 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Targa Resources by 1,312.5% during the 4th quarter. Empowered Funds LLC now owns 47,052 shares of the pipeline company's stock worth $8,399,000 after acquiring an additional 43,721 shares in the last quarter. Wilmington Savings Fund Society FSB raised its holdings in shares of Targa Resources by 134.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,297 shares of the pipeline company's stock worth $410,000 after acquiring an additional 1,319 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $2,203,000. 92.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Royal Bank of Canada upped their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. UBS Group upped their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Wells Fargo & Company upped their price objective on Targa Resources from $190.00 to $204.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Finally, Barclays increased their price target on Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a report on Monday, January 13th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $189.21.

Targa Resources Stock Up 1.8 %

Shares of TRGP traded up $3.63 during midday trading on Thursday, reaching $204.22. 1,166,110 shares of the stock were exchanged, compared to its average volume of 1,428,523. Targa Resources Corp. has a 52 week low of $87.92 and a 52 week 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. The company's 50 day moving average is $193.53 and its two-hundred day moving average is $172.65. The company has a market capitalization of $44.53 billion, a P/E ratio of 36.93, a PEG ratio of 0.59 and a beta of 2.29.

Targa Resources Dividend Announcement

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

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.