Callahan Advisors LLC Purchases New Position in Targa Resources Corp. (NYSE:TRGP)

Callahan Advisors LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,133 shares of the pipeline company’s stock, valued at approximately $202,000.

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

Analyst Ratings Changes

A number of analysts recently weighed in on TRGP shares. Royal Bank of Canada increased their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Truist Financial reduced their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. UBS Group boosted their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Barclays lifted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, Scotiabank initiated coverage on shares of Targa Resources in a report on Friday, January 10th. They issued 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 issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Up 1.9 %

Shares of NYSE TRGP opened at $209.29 on Wednesday. Targa Resources Corp. has a 12-month low of $95.28 and a 12-month high of $218.51. The stock’s fifty day simple moving average is $194.24 and its two-hundred day simple moving average is $174.41. The stock has a market capitalization of $45.64 billion, a PE ratio of 37.85, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.43%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Targa Resources Company Profile

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.