UMB Bank n.a. Purchases 214 Shares of Targa Resources Corp. (NYSE:TRGP)

UMB Bank n.a. grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 57.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 588 shares of the pipeline company’s stock after buying an additional 214 shares during the quarter. UMB Bank n.a.’s holdings in Targa Resources were worth $118,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Wedmont Private Capital increased its stake in shares of Targa Resources by 6.3% during the 1st quarter. Wedmont Private Capital now owns 5,576 shares of the pipeline company’s stock worth $1,118,000 after purchasing an additional 328 shares during the last quarter. Perkins Coie Trust Co increased its stake in shares of Targa Resources by 11.8% during the 1st quarter. Perkins Coie Trust Co now owns 2,236 shares of the pipeline company’s stock worth $448,000 after purchasing an additional 236 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in shares of Targa Resources during the 1st quarter worth approximately $210,000. Permanent Capital Management LP purchased a new stake in shares of Targa Resources during the 1st quarter worth approximately $207,000. Finally, Affinity Wealth Management LLC increased its stake in shares of Targa Resources by 6.0% during the 1st quarter. Affinity Wealth Management LLC now owns 5,660 shares of the pipeline company’s stock worth $1,135,000 after purchasing an additional 319 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Mizuho set a $212.00 price target on shares of Targa Resources and gave the stock an “outperform” rating in a research note on Tuesday, May 20th. The Goldman Sachs Group decreased their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Citigroup lowered their target price on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $199.07.

Targa Resources Stock Down 0.5%

TRGP opened at $168.94 on Friday. The company has a fifty day moving average price of $165.66 and a 200-day moving average price of $184.49. The firm has a market capitalization of $36.65 billion, a P/E ratio of 29.43, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a one year low of $118.93 and a one year high of $218.51.

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

Targa Resources Announces Dividend

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

Targa Resources 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.