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

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

A number of other large investors have also bought and sold shares of TRGP. DT Investment Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter worth $29,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the third quarter valued at about $35,000. Rosenberg Matthew Hamilton boosted its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. Stonebridge Financial Group LLC purchased a new position in shares of Targa Resources in the fourth quarter worth about $49,000. Finally, UMB Bank n.a. raised its position 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 valued at $67,000 after purchasing an additional 106 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

TRGP stock opened at $200.57 on Thursday. The firm has a 50 day simple moving average of $193.42 and a two-hundred day simple moving average of $172.45. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market cap of $43.74 billion, a PE ratio of 36.27, a P/E/G ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a one year low of $87.44 and a one year high of $218.51.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.50%. Targa Resources’s dividend payout ratio is presently 54.25%.

Wall Street Analyst Weigh In

Several research analysts recently commented on TRGP shares. Bank of America initiated coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. UBS Group raised their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Wells Fargo & Company boosted their price objective on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Barclays upped their price target on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. 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, the company has an average rating of “Buy” and an average price target of $189.21.

Targa Resources Company 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.