Gladstone Institutional Advisory LLC Purchases 575 Shares of Targa Resources Corp. (NYSE:TRGP)

Gladstone Institutional Advisory LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 22.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,157 shares of the pipeline company’s stock after acquiring an additional 575 shares during the period. Gladstone Institutional Advisory LLC’s holdings in Targa Resources were worth $564,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Axecap Investments LLC boosted its position in shares of Targa Resources by 3.8% in the fourth quarter. Axecap Investments LLC now owns 22,766 shares of the pipeline company’s stock worth $4,064,000 after purchasing an additional 835 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of Targa Resources in the fourth quarter worth approximately $49,000. Mill Creek Capital Advisors LLC bought a new position in shares of Targa Resources in the fourth quarter worth approximately $311,000. Summit Trail Advisors LLC boosted its position in shares of Targa Resources by 19.3% in the fourth quarter. Summit Trail Advisors LLC now owns 4,797 shares of the pipeline company’s stock worth $856,000 after purchasing an additional 775 shares during the period. Finally, Savant Capital LLC boosted its position in shares of Targa Resources by 5.3% in the fourth quarter. Savant Capital LLC now owns 2,505 shares of the pipeline company’s stock worth $447,000 after purchasing an additional 125 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Scotiabank assumed coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Morgan Stanley boosted their target price 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. Barclays boosted their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Truist Financial lowered their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. One research 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. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

TRGP stock opened at $205.51 on Friday. The firm has a market cap of $44.81 billion, a price-to-earnings ratio of 37.16, a PEG ratio of 0.59 and a beta of 2.29. The firm has a 50-day simple moving average of $193.65 and a two-hundred day simple moving average of $172.87. Targa Resources Corp. has a one year low of $88.50 and a one year high of $218.51. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.

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.