Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its holdings in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 11.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 159,010 shares of the pipeline company’s stock after acquiring an additional 16,231 shares during the quarter. Victory Capital Management Inc.’s holdings in Targa Resources were worth $11,929,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ellevest Inc. grew its position in Targa Resources by 122.9% during the fourth quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock valued at $26,000 after buying an additional 193 shares during the period. MinichMacGregor Wealth Management LLC acquired a new stake in Targa Resources during the fourth quarter valued at $31,000. Royal London Asset Management Ltd. acquired a new stake in Targa Resources during the fourth quarter valued at $31,000. Capital Advisors Ltd. LLC grew its position in Targa Resources by 199.0% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,507 shares of the pipeline company’s stock valued at $40,000 after buying an additional 1,003 shares during the period. Finally, Fred Alger Management LLC acquired a new stake in Targa Resources during the third quarter valued at $56,000. Institutional investors and hedge funds own 88.29% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $70.84 on Thursday. The company’s 50-day moving average price is $72.48 and its 200-day moving average price is $73.18. The company has a current ratio of 0.66, a quick ratio of 0.60 and a debt-to-equity ratio of 2.59. The company has a market cap of $16.01 billion, a P/E ratio of 18.35 and a beta of 2.28. Targa Resources Corp. has a twelve month low of $55.56 and a twelve month high of $80.40.

Targa Resources (NYSE:TRGP – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The pipeline company reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.09. Targa Resources had a net margin of 5.43% and a return on equity of 24.05%. The firm had revenue of $4.55 billion for the quarter, compared to the consensus estimate of $5.38 billion. On average, sell-side analysts forecast that Targa Resources Corp. will post 5.54 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, April 28th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, April 27th. This is an increase from Targa Resources’s previous quarterly dividend of $0.35. This represents a $2.00 dividend on an annualized basis and a yield of 2.82%. Targa Resources’s payout ratio is 51.81%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wells Fargo & Company raised their price target on shares of Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. Scotiabank assumed coverage on shares of Targa Resources in a research report on Thursday, March 2nd. They set an “outperform” rating and a $115.00 price target on the stock. Royal Bank of Canada dropped their price target on shares of Targa Resources from $110.00 to $104.00 in a research report on Monday, May 8th. UBS Group increased their price objective on shares of Targa Resources from $106.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Finally, StockNews.com initiated coverage on shares of Targa Resources in a report on Thursday, May 18th. They set a “hold” rating on the stock. One 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $100.27.

Targa Resources Company Profile

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.