Targa Resources Corp (TRGP) Shares Bought by Griffin Asset Management Inc.

Griffin Asset Management Inc. lifted its holdings in Targa Resources Corp (NYSE:TRGP) by 9.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,665 shares of the pipeline company’s stock after acquiring an additional 1,194 shares during the quarter. Griffin Asset Management Inc.’s holdings in Targa Resources were worth $492,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in TRGP. Brown Advisory Inc. raised its position in Targa Resources by 1.9% in the 4th quarter. Brown Advisory Inc. now owns 13,403 shares of the pipeline company’s stock worth $483,000 after purchasing an additional 256 shares during the last quarter. Utah Retirement Systems raised its position in Targa Resources by 0.7% in the 4th quarter. Utah Retirement Systems now owns 41,600 shares of the pipeline company’s stock worth $1,499,000 after purchasing an additional 300 shares during the last quarter. Enterprise Financial Services Corp raised its position in Targa Resources by 36.3% in the 4th quarter. Enterprise Financial Services Corp now owns 1,202 shares of the pipeline company’s stock worth $43,000 after purchasing an additional 320 shares during the last quarter. Baillie Gifford & Co. raised its position in Targa Resources by 21.9% in the 4th quarter. Baillie Gifford & Co. now owns 1,783 shares of the pipeline company’s stock worth $64,000 after purchasing an additional 320 shares during the last quarter. Finally, Amalgamated Bank raised its position in Targa Resources by 0.8% in the 4th quarter. Amalgamated Bank now owns 42,038 shares of the pipeline company’s stock worth $1,514,000 after purchasing an additional 344 shares during the last quarter. 91.98% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have commented on TRGP. Zacks Investment Research cut shares of Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 12th. Mizuho dropped their target price on shares of Targa Resources from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Thursday. Mitsubishi UFJ Financial Group started coverage on shares of Targa Resources in a report on Monday, April 8th. They issued a “neutral” rating and a $50.00 price target for the company. Evercore ISI started coverage on shares of Targa Resources in a report on Tuesday, February 5th. They issued a $46.00 price target for the company. Finally, Raymond James lowered shares of Targa Resources from a “strong-buy” rating to an “outperform” rating in a report on Tuesday, April 16th. Eight research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $55.45.

NYSE TRGP traded down $0.03 on Friday, reaching $39.34. The company had a trading volume of 2,345,273 shares, compared to its average volume of 1,876,908. The firm has a market cap of $9.15 billion, a PE ratio of 196.70 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 1-year low of $33.55 and a 1-year high of $59.21.

Targa Resources (NYSE:TRGP) last announced its earnings results on Friday, March 1st. The pipeline company reported $0.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.08. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.71 billion. Targa Resources had a net margin of 0.02% and a return on equity of 2.32%. Equities research analysts forecast that Targa Resources Corp will post -0.36 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 9.25%. The ex-dividend date is Tuesday, April 30th. Targa Resources’s payout ratio is presently 1,820.00%.

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About Targa Resources

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, 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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