DAVENPORT & Co LLC Acquires New Position in Targa Resources Corp. (NYSE:TRGP)

DAVENPORT & Co LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,238 shares of the pipeline company’s stock, valued at approximately $221,000.

Other hedge funds have also added to or reduced their stakes in the company. Park Avenue Securities LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $242,000. CWM LLC boosted its position in Targa Resources by 7.2% in the third quarter. CWM LLC now owns 5,358 shares of the pipeline company’s stock valued at $793,000 after buying an additional 359 shares in the last quarter. Clarius Group LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $225,000. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Targa Resources by 50.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 1,000 shares of the pipeline company’s stock valued at $148,000 after buying an additional 337 shares in the last quarter. Finally, Valeo Financial Advisors LLC acquired a new stake in Targa Resources in the third quarter valued at approximately $226,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Up 1.2 %

TRGP opened at $201.30 on Monday. Targa Resources Corp. has a 1-year low of $86.56 and a 1-year 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 company has a market cap of $43.90 billion, a P/E ratio of 36.40, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29. The company has a fifty day moving average price of $193.07 and a two-hundred day moving average price of $171.15.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Scotiabank initiated coverage on shares of Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Morgan Stanley lifted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus 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.