Korea Investment CORP boosted its stake in shares of Targa Resources Corp (NYSE:TRGP) by 663.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,448 shares of the pipeline company’s stock after purchasing an additional 16,900 shares during the quarter. Korea Investment CORP’s holdings in Targa Resources were worth $701,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in Targa Resources by 4.1% in the third quarter. US Bancorp DE now owns 25,532 shares of the pipeline company’s stock valued at $1,437,000 after buying an additional 1,014 shares in the last quarter. Private Advisor Group LLC purchased a new position in Targa Resources in the third quarter valued at about $223,000. Cambridge Investment Research Advisors Inc. increased its holdings in Targa Resources by 33.6% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 12,676 shares of the pipeline company’s stock valued at $714,000 after buying an additional 3,186 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its holdings in Targa Resources by 10.5% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 58,365 shares of the pipeline company’s stock valued at $3,287,000 after buying an additional 5,560 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Targa Resources by 7.4% in the third quarter. Janney Montgomery Scott LLC now owns 50,127 shares of the pipeline company’s stock valued at $2,823,000 after buying an additional 3,452 shares in the last quarter. 93.44% of the stock is owned by hedge funds and other institutional investors.

Shares of TRGP opened at $40.04 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.51 and a quick ratio of 0.45. Targa Resources Corp has a 1-year low of $33.55 and a 1-year high of $59.21. The company has a market cap of $9.30 billion, a PE ratio of 200.20 and a beta of 2.04.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 15th. Stockholders of record on Thursday, January 31st were paid a dividend of $0.91 per share. The ex-dividend date was Wednesday, January 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 9.09%. Targa Resources’s dividend payout ratio (DPR) is 1,820.00%.

A number of research analysts have issued reports on the stock. Credit Suisse Group dropped their target price on shares of Targa Resources from $60.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday. Evercore ISI assumed coverage on shares of Targa Resources in a report on Tuesday, February 5th. They issued a $46.00 target price for the company. BMO Capital Markets dropped their target price on shares of Targa Resources to $50.00 in a report on Thursday, February 21st. Seaport Global Securities raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a report on Tuesday, January 29th. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Targa Resources in a report on Thursday, February 21st. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $55.71.

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Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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