World Investment Advisors Makes New $1.87 Million Investment in Targa Resources, Inc. $TRGP

World Investment Advisors purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 7,458 shares of the pipeline company’s stock, valued at approximately $1,870,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Olistico Wealth LLC bought a new stake in Targa Resources in the fourth quarter valued at $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the 4th quarter worth about $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources during the 4th quarter worth about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the 4th quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. bought a new position in Targa Resources in the fourth quarter worth approximately $37,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on TRGP. US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. Truist Financial upped their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. UBS Group boosted their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Finally, Scotiabank raised their target price on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $272.73.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Trading Up 3.9%

NYSE:TRGP opened at $273.72 on Wednesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The stock’s fifty day moving average price is $263.48 and its two-hundred day moving average price is $233.55. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market cap of $58.75 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.35 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. As a group, analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.