Parallel Advisors LLC Purchases 222 Shares of Targa Resources Corp. (NYSE:TRGP)

Parallel Advisors LLC grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 4.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,024 shares of the pipeline company’s stock after purchasing an additional 222 shares during the period. Parallel Advisors LLC’s holdings in Targa Resources were worth $1,007,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Snowden Capital Advisors LLC grew its position in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock worth $473,000 after buying an additional 53 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. lifted its position in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock valued at $540,000 after purchasing an additional 68 shares during the last quarter. Keybank National Association OH grew its stake in Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after buying an additional 70 shares in the last quarter. Finally, Baker Avenue Asset Management LP grew its stake in Targa Resources by 0.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock worth $1,648,000 after buying an additional 74 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TRGP. UBS Group dropped their price objective on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a report on Thursday, May 15th. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Barclays dropped their target price on Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, May 20th. Finally, The Goldman Sachs Group reduced their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $198.79.

Targa Resources Stock Down 0.5%

Shares of Targa Resources stock opened at $157.71 on Monday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $114.51 and a 52-week high of $218.51. The company’s 50 day moving average price is $170.23 and its 200-day moving average price is $186.59. The stock has a market capitalization of $34.21 billion, a price-to-earnings ratio of 27.48, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results 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 return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm 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 payout ratio is presently 73.66%.

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.