BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Targa Resources Corp (NYSE:TRGP) by 12.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,462 shares of the pipeline company’s stock after buying an additional 8,685 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Targa Resources were worth $2,754,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of TRGP. Cohen & Steers Inc. increased its position in shares of Targa Resources by 1,113.0% in the third quarter. Cohen & Steers Inc. now owns 1,882,318 shares of the pipeline company’s stock valued at $105,993,000 after buying an additional 1,727,135 shares in the last quarter. FMR LLC increased its position in shares of Targa Resources by 1,086.3% in the third quarter. FMR LLC now owns 1,070,122 shares of the pipeline company’s stock valued at $60,259,000 after buying an additional 979,915 shares in the last quarter. Vanguard Group Inc increased its position in shares of Targa Resources by 4.5% in the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock valued at $1,131,238,000 after buying an additional 860,247 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Targa Resources by 1,779.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 720,976 shares of the pipeline company’s stock valued at $40,598,000 after buying an additional 682,623 shares in the last quarter. Finally, RR Advisors LLC increased its position in shares of Targa Resources by 32.3% in the fourth quarter. RR Advisors LLC now owns 2,504,000 shares of the pipeline company’s stock valued at $90,195,000 after buying an additional 612,000 shares in the last quarter. Institutional investors and hedge funds own 93.44% of the company’s stock.
TRGP has been the subject of several research reports. Credit Suisse Group dropped their price target on Targa Resources from $60.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday. Wells Fargo & Co reiterated a “buy” rating on shares of Targa Resources in a research report on Friday, March 8th. Zacks Investment Research upgraded Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Saturday, February 23rd. BMO Capital Markets dropped their price target on Targa Resources to $50.00 in a research report on Thursday, February 21st. Finally, Evercore ISI initiated coverage on Targa Resources in a research report on Tuesday, February 5th. They set a $46.00 price target for the company. Eight investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $55.71.
NYSE TRGP opened at $40.04 on Friday. The firm has a market cap of $9.30 billion, a price-to-earnings ratio of 200.20 and a beta of 2.04. The company has a current ratio of 0.51, a quick ratio of 0.45 and a debt-to-equity ratio of 0.75. Targa Resources Corp has a fifty-two week low of $33.55 and a fifty-two week high of $59.21.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 15th. Shareholders of record on Thursday, January 31st were paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 9.09%. The ex-dividend date was Wednesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is currently 1,820.00%.
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Targa Resources Company Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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