SeaCrest Wealth Management LLC Buys New Position in Targa Resources Corp. (NYSE:TRGP)

SeaCrest Wealth Management LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the 1st quarter, Holdings Channel.com reports. The firm bought 1,048 shares of the pipeline company’s stock, valued at approximately $210,000.

A number of other large investors have also recently bought and sold shares of TRGP. Vanguard Group Inc. raised its holdings in shares of Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after purchasing an additional 150,038 shares during the last quarter. Geode Capital Management LLC increased its stake in Targa Resources by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock valued at $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Norges Bank acquired a new stake in Targa Resources in the 4th quarter valued at $505,132,000. Price T Rowe Associates Inc. MD lifted its position in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after buying an additional 53,853 shares in the last quarter. Finally, GQG Partners LLC bought a new stake in Targa Resources during the 4th quarter worth about $393,335,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of several analyst reports. UBS Group decreased their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a report on Thursday, May 15th. Mizuho set a $212.00 price target on Targa Resources and gave the company an “outperform” rating in a research report on Tuesday, May 20th. Barclays decreased their price target on Targa Resources from $206.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, May 20th. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, Royal Bank of Canada cut their price objective on Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Buy” and a consensus price target of $199.07.

Targa Resources Stock Performance

TRGP opened at $167.14 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $117.88 and a 12-month high of $218.51. The business has a 50 day moving average of $166.57 and a 200-day moving average of $185.26. The stock has a market cap of $36.26 billion, a price-to-earnings ratio of 29.12, a PEG ratio of 0.61 and a beta of 1.07.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. On average, equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s payout ratio is presently 73.66%.

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.