Slagle Financial LLC Acquires 967 Shares of Targa Resources, Inc. (NYSE:TRGP)

Slagle Financial LLC grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,472 shares of the pipeline company’s stock after purchasing an additional 967 shares during the quarter. Targa Resources makes up approximately 1.7% of Slagle Financial LLC’s holdings, making the stock its 20th biggest position. Slagle Financial LLC’s holdings in Targa Resources were worth $3,904,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Snowden Capital Advisors LLC grew its position in Targa Resources by 2.0% in the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock valued at $473,000 after acquiring an additional 53 shares in the last quarter. Ritholtz Wealth Management increased its position in Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock worth $991,000 after buying an additional 62 shares during the period. Stratos Wealth Advisors LLC boosted its position in shares of Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock valued at $356,000 after purchasing an additional 62 shares during the period. Curated Wealth Partners LLC lifted its holdings in shares of Targa Resources by 2.2% during the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after buying an additional 73 shares during the last quarter. Finally, Baker Avenue Asset Management LP increased its position in shares of Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock valued at $1,648,000 after purchasing an additional 74 shares during the period. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TRGP. Truist Financial lifted their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Morgan Stanley lifted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an “outperform” rating in a report on Tuesday, May 20th. Barclays cut their target price on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 20th. Finally, Citigroup lowered their target price on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $208.31.

Targa Resources Price Performance

NYSE TRGP opened at $174.43 on Wednesday. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The stock has a market capitalization of $37.84 billion, a P/E ratio of 32.12, a P/E/G ratio of 0.61 and a beta of 1.07. The business’s fifty day moving average is $166.17 and its two-hundred day moving average is $182.21.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s dividend payout ratio is 73.66%.

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.