Wealthstar Advisors LLC Invests $1.78 Million in Targa Resources Corp. (NYSE:TRGP)

Wealthstar Advisors LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, HoldingsChannel reports. The fund acquired 9,981 shares of the pipeline company’s stock, valued at approximately $1,782,000. Targa Resources makes up approximately 0.8% of Wealthstar Advisors LLC’s investment portfolio, making the stock its 27th biggest holding.

A number of other hedge funds also recently bought and sold shares of TRGP. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at about $29,000. Prospera Private Wealth LLC bought a new position in Targa Resources during the 3rd quarter worth approximately $35,000. Rosenberg Matthew Hamilton increased its stake in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. 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 valued at $67,000 after purchasing an additional 106 shares during the last quarter. Finally, Huntington National Bank boosted its stake in shares of Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the period. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada upped their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $189.21.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $201.30 on Monday. The business has a fifty day simple moving average of $193.07 and a two-hundred day simple moving average of $171.15. The firm has a market capitalization of $43.90 billion, a P/E ratio of 36.40, a P/E/G ratio of 0.59 and a beta of 2.29. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $86.56 and a 12 month high of $218.51.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.