Morningstar Investment Management LLC Lowers Stock Position in Targa Resources Corp. (NYSE:TRGP)

Morningstar Investment Management LLC lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 49.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,837 shares of the pipeline company’s stock after selling 6,727 shares during the period. Morningstar Investment Management LLC’s holdings in Targa Resources were worth $1,220,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. DT Investment Partners LLC bought a new position in Targa Resources in the 3rd quarter worth about $29,000. Prospera Private Wealth LLC purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $35,000. Rosenberg Matthew Hamilton increased its position in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in Targa Resources in the 4th quarter worth approximately $49,000. Finally, UMB Bank n.a. raised its holdings in Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after acquiring an additional 106 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on TRGP shares. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. UBS Group boosted their target price on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Barclays boosted their price objective on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Scotiabank started coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Trading Up 0.4 %

Shares of NYSE:TRGP opened at $210.19 on Thursday. Targa Resources Corp. has a 12-month low of $95.28 and a 12-month high of $218.51. The company has a market cap of $45.83 billion, a PE ratio of 38.01, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29. The stock has a 50 day moving average of $194.72 and a 200 day moving average of $174.96. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.43%. 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.