Aveo Capital Partners LLC purchased a new stake in Targa Resources Corp (NYSE:TRGP) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,467 shares of the pipeline company’s stock, valued at approximately $269,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc raised its position in Targa Resources by 4.5% during the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock valued at $1,131,238,000 after purchasing an additional 860,247 shares in the last quarter. BlackRock Inc. raised its position in Targa Resources by 1.8% during the fourth quarter. BlackRock Inc. now owns 13,209,410 shares of the pipeline company’s stock valued at $475,803,000 after purchasing an additional 237,329 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its position in Targa Resources by 10.9% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 9,699,540 shares of the pipeline company’s stock valued at $349,377,000 after purchasing an additional 955,152 shares in the last quarter. Bank of New York Mellon Corp raised its position in Targa Resources by 9.4% during the fourth quarter. Bank of New York Mellon Corp now owns 4,971,906 shares of the pipeline company’s stock valued at $179,089,000 after purchasing an additional 428,105 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Targa Resources by 18.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,527,520 shares of the pipeline company’s stock valued at $91,023,000 after purchasing an additional 387,257 shares in the last quarter. Institutional investors own 90.70% of the company’s stock.
NYSE TRGP opened at $41.24 on Thursday. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of 206.20 and a beta of 2.01. Targa Resources Corp has a fifty-two week low of $33.55 and a fifty-two week high of $59.21. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were paid a dividend of $0.91 per share. The ex-dividend date was Tuesday, April 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.83%. Targa Resources’s payout ratio is presently 1,820.00%.
In other Targa Resources news, Director Robert B. Evans acquired 51,420 shares of Targa Resources stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average price of $39.38 per share, with a total value of $2,024,919.60. Following the completion of the purchase, the director now directly owns 38,506 shares in the company, valued at approximately $1,516,366.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.86% of the company’s stock.
TRGP has been the subject of several research analyst reports. Barclays set a $55.00 price objective on shares of Targa Resources and gave the company a “buy” rating in a research report on Wednesday, January 16th. Seaport Global Securities upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Tuesday, January 29th. Evercore ISI initiated coverage on shares of Targa Resources in a research report on Tuesday, February 5th. They set a $46.00 price objective for the company. Zacks Investment Research downgraded shares of Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 12th. Finally, BMO Capital Markets decreased their target price on shares of Targa Resources to $50.00 in a research note on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $55.45.
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Targa Resources Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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