Farther Finance Advisors LLC Has $452,000 Stock Position in Targa Resources Corp. (NYSE:TRGP)

Farther Finance Advisors LLC cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 29.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,227 shares of the pipeline company’s stock after selling 909 shares during the quarter. Farther Finance Advisors LLC’s holdings in Targa Resources were worth $452,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of TRGP. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth $31,000. Colonial Trust Co SC increased its stake in shares of Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Atala Financial Inc acquired a new position in shares of Targa Resources in the fourth quarter worth $31,000. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 3.3%

TRGP stock opened at $174.80 on Monday. 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 52-week low of $119.00 and a 52-week high of $218.51. The company has a 50-day moving average of $165.95 and a two-hundred day moving average of $184.05. The stock has a market capitalization of $37.92 billion, a price-to-earnings ratio of 30.45, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07.

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

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TRGP. Citigroup dropped their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Barclays dropped their price target on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 20th. Finally, Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an “outperform” rating in a report on Tuesday, May 20th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $199.07.

About Targa Resources

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.