Conning Inc. Buys Shares of 1,214 Targa Resources Corp. (NYSE:TRGP)

Conning Inc. purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 1,214 shares of the pipeline company’s stock, valued at approximately $217,000.

Several other hedge funds also recently modified their holdings of TRGP. DT Investment Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $29,000. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the third quarter valued at $35,000. Rosenberg Matthew Hamilton raised its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares in the last quarter. UMB Bank n.a. lifted its position in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 106 shares during the period. Finally, Huntington National Bank boosted its stake in Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after buying an additional 89 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $201.30 on Monday. The business has a fifty day moving average of $193.07 and a 200-day moving average of $171.15. 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 twelve month low of $86.56 and a twelve month high of $218.51. The firm has a market cap of $43.90 billion, a PE ratio of 36.40, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. Targa Resources’s payout ratio is 54.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TRGP shares. Barclays increased their price objective on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. UBS Group increased their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Truist Financial dropped their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Wells Fargo & Company upped their price target on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. One 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. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price 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.