C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys New Position in Targa Resources Corp. (NYSE:TRGP)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 32,405 shares of the pipeline company’s stock, valued at approximately $5,784,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. DT Investment Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at $29,000. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the third quarter worth $35,000. Rosenberg Matthew Hamilton increased its stake in 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 purchasing an additional 89 shares in the last quarter. Stonebridge Financial Group LLC acquired a new position in shares of Targa Resources during the fourth quarter valued at about $49,000. Finally, UMB Bank n.a. boosted its position in shares of Targa Resources by 39.6% during the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 106 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP opened at $200.57 on Thursday. The stock has a 50 day moving average of $193.42 and a 200 day moving average of $172.45. 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 Corp. has a 12 month low of $87.44 and a 12 month high of $218.51. The company has a market capitalization of $43.74 billion, a price-to-earnings ratio of 36.27, a PEG ratio of 0.59 and a beta of 2.29.

Targa Resources Dividend Announcement

The firm also recently announced 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Analyst Ratings Changes

A number of research analysts recently weighed in on TRGP shares. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Truist Financial lowered their target price 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. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. One 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. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $189.21.

Targa Resources 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.