Wealthstar Advisors LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Wealthstar Advisors LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,981 shares of the pipeline company’s stock, valued at approximately $1,782,000. Targa Resources comprises approximately 0.8% of Wealthstar Advisors LLC’s holdings, making the stock its 27th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Wellington Management Group LLP boosted its holdings in 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 worth $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after buying an additional 259,776 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after buying an additional 246,762 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Targa Resources by 14,163.5% during 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 acquiring an additional 202,822 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its holdings in Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock worth $29,596,000 after acquiring an additional 189,984 shares during the period. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent analyst reports. Barclays lifted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Royal Bank of Canada increased their target price 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. Scotiabank began coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Finally, The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Trading Up 1.2 %

Shares of TRGP opened at $201.30 on Monday. Targa Resources Corp. has a twelve month low of $86.56 and a twelve month high of $218.51. The stock has a market cap of $43.90 billion, a PE ratio of 36.40, a P/E/G ratio of 0.59 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. The business’s 50-day moving average price is $193.07 and its 200-day moving average price is $171.15.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend 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.