Van ECK Associates Corp Raises Holdings in Targa Resources Corp. (NYSE:TRGP)

Van ECK Associates Corp lifted its position in Targa Resources Corp. (NYSE:TRGP) by 3.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TRGP. DT Investment Partners LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at $29,000. Prospera Private Wealth LLC acquired a new position in Targa Resources in the third quarter valued at $35,000. Rosenberg Matthew Hamilton raised its holdings in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth about $49,000. Finally, UMB Bank n.a. grew its holdings in shares of Targa Resources by 39.6% during the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after buying an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $205.51 on Friday. The stock has a fifty day moving average price of $193.87 and a 200 day moving average price of $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. The stock has a market cap of $44.81 billion, a PE ratio of 37.16, a P/E/G ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a 1 year low of $88.50 and a 1 year high of $218.51.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given 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 is presently 54.25%.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $189.21.

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.