Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in Targa Resources Corp. (NYSE:TRGP) by 3.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 73,638 shares of the pipeline company’s stock after purchasing an additional 2,115 shares during the quarter. Van ECK Associates Corp’s holdings in Targa Resources were worth $13,144,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Wellington Management Group LLP increased its position 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 purchasing an additional 633,589 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after buying an additional 97,583 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after buying an additional 14,287 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Targa Resources by 8.3% during the third quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company’s stock valued at $186,139,000 after buying an additional 96,268 shares during the period. Finally, Barclays PLC grew its stake in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock worth $153,124,000 after acquiring an additional 168,602 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRGP has been the topic of several analyst reports. Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Wells Fargo & Company lifted their price target on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Truist Financial decreased their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One investment 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. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $189.21.

Targa Resources Stock Performance

Targa Resources stock opened at $205.51 on Friday. The firm has a market capitalization of $44.81 billion, a PE ratio of 37.16, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a one year low of $88.50 and a one year high of $218.51. The stock’s 50 day moving average price is $193.87 and its 200 day moving average price is $173.65. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. Targa Resources’s dividend payout ratio (DPR) is presently 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.