Great Lakes Retirement Inc. Buys 7,624 Shares of Targa Resources Corp. (NYSE:TRGP)

Great Lakes Retirement Inc. boosted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 216.8% during the first quarter, Holdings Channel reports. The fund owned 11,140 shares of the pipeline company’s stock after acquiring an additional 7,624 shares during the period. Great Lakes Retirement Inc.’s holdings in Targa Resources were worth $2,233,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TRGP. Snowden Capital Advisors LLC boosted its stake in shares of Targa Resources by 2.0% in the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock valued at $473,000 after purchasing an additional 53 shares during the last quarter. Ritholtz Wealth Management boosted its stake in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock valued at $991,000 after purchasing an additional 62 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after purchasing an additional 67 shares during the last quarter. Keybank National Association OH boosted its stake in shares of Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after purchasing an additional 70 shares during the last quarter. Finally, Curated Wealth Partners LLC boosted its stake in shares of Targa Resources by 2.2% in the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $174.80 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $119.00 and a 12-month high of $218.51. The company has a market capitalization of $37.92 billion, a PE ratio of 30.45, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. The firm’s 50 day moving average is $165.95 and its 200-day moving average is $184.05.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s dividend payout ratio is presently 73.66%.

Analysts Set New Price Targets

TRGP has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their price objective on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Scotiabank lifted their price objective on shares of Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. UBS Group reduced their price objective on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, May 15th. Finally, Morgan Stanley lifted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $199.07.

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.