Munro Partners Increases Stock Holdings in Targa Resources, Inc. $TRGP

Munro Partners boosted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 406.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 317,210 shares of the pipeline company’s stock after purchasing an additional 254,540 shares during the period. Targa Resources accounts for 1.5% of Munro Partners’ holdings, making the stock its 25th largest position. Munro Partners’ holdings in Targa Resources were worth $58,525,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Norges Bank purchased a new position in Targa Resources during the 4th quarter valued at about $735,758,000. Wellington Management Group LLP boosted its holdings in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Targa Resources during the 3rd quarter valued at about $121,426,000. Finally, Vanguard Group Inc. boosted its holdings in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after acquiring an additional 422,075 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of TRGP opened at $262.31 on Tuesday. The stock has a 50-day simple moving average of $255.78 and a 200-day simple moving average of $223.89. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $56.30 billion, a PE ratio of 26.52, a PEG ratio of 1.39 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TRGP shares. Barclays raised their target price on Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Truist Financial raised their target price on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Mizuho raised their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Stifel Nicolaus set a $268.00 target price on Targa Resources in a report on Friday, May 8th. Fifteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average target price of $269.21.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.