Advisors Preferred LLC Buys Shares of 12,032 Targa Resources Corp. (NYSE:TRGP)

Advisors Preferred LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, Holdings Channel.com reports. The firm purchased 12,032 shares of the pipeline company’s stock, valued at approximately $2,203,000.

Other hedge funds have also recently made changes to their positions in the company. DT Investment Partners LLC purchased a new stake in Targa Resources during the 3rd quarter valued at $29,000. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the 3rd quarter worth approximately $35,000. Rosenberg Matthew Hamilton boosted 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 worth $48,000 after buying an additional 89 shares during the last quarter. UMB Bank n.a. boosted its holdings 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 worth $67,000 after buying an additional 106 shares during the last quarter. Finally, Huntington National Bank grew its position in Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after buying an additional 89 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the topic of several recent research reports. Barclays increased their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Truist Financial lowered their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Scotiabank began coverage on Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target for the company. Finally, Wells Fargo & Company lifted their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus price target of $189.21.

Targa Resources Trading Up 1.2 %

TRGP opened at $201.30 on Friday. Targa Resources Corp. has a 12 month low of $86.56 and a 12 month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a 50-day moving average of $193.13 and a 200 day moving average of $170.46. The firm has a market cap of $43.90 billion, a P/E ratio of 36.40, a P/E/G ratio of 0.59 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the firm posted $0.97 EPS. As a group, research analysts forecast that Targa Resources Corp. will post 6.41 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s dividend payout ratio is currently 54.25%.

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.