Stratos Wealth Partners LTD. lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP – Get Rating) by 8.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,175 shares of the pipeline company’s stock after purchasing an additional 1,907 shares during the period. Stratos Wealth Partners LTD.’s holdings in Targa Resources were worth $1,263,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position in Targa Resources by 0.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,665,632 shares of the pipeline company’s stock valued at $131,184,000 after buying an additional 21,146 shares during the period. Crossmark Global Holdings Inc. raised its position in Targa Resources by 28.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 20,438 shares of the pipeline company’s stock valued at $1,068,000 after buying an additional 4,580 shares during the period. Creative Planning raised its position in Targa Resources by 6.4% during the third quarter. Creative Planning now owns 11,097 shares of the pipeline company’s stock valued at $546,000 after buying an additional 671 shares during the period. Cullen Frost Bankers Inc. raised its position in Targa Resources by 107.4% during the third quarter. Cullen Frost Bankers Inc. now owns 9,579 shares of the pipeline company’s stock valued at $471,000 after buying an additional 4,960 shares during the period. Finally, Cohen & Steers Inc. raised its position in Targa Resources by 9.9% during the third quarter. Cohen & Steers Inc. now owns 1,593,625 shares of the pipeline company’s stock valued at $78,422,000 after buying an additional 143,557 shares during the period. 88.49% of the stock is currently owned by institutional investors.
TRGP opened at $68.51 on Friday. The company has a market cap of $15.67 billion, a PE ratio of -622.76 and a beta of 2.66. The stock has a 50-day moving average of $60.77 and a 200-day moving average of $54.52. Targa Resources Corp. has a 52-week low of $29.95 and a 52-week high of $72.03. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.70 and a current ratio of 0.77.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 15th. Investors of record on Monday, January 31st were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, January 28th. This is a boost from Targa Resources’s previous quarterly dividend of $0.10. Targa Resources’s payout ratio is currently -1,272.61%.
Several research analysts recently weighed in on TRGP shares. Truist Financial upped their price target on Targa Resources from $69.00 to $78.00 in a research report on Wednesday, March 2nd. Evercore ISI raised Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price target on the stock in a research report on Monday, February 7th. TheStreet downgraded Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. StockNews.com downgraded Targa Resources from a “buy” rating to a “hold” rating in a research note on Friday, February 25th. Finally, Bank of America lowered their target price on Targa Resources from $73.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, January 18th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $62.86.
In related news, Director Rene R. Joyce sold 15,000 shares of the business’s stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $67.86, for a total transaction of $1,017,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.69% of the stock is currently owned by insiders.
About Targa Resources (Get Rating)
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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