Gunderson Capital Management LLC Buys Shares of 19,372 Targa Resources, Inc. $TRGP

Gunderson Capital Management LLC acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the first quarter, Holdings Channel.com reports. The fund acquired 19,372 shares of the pipeline company’s stock, valued at approximately $4,857,000. Targa Resources accounts for approximately 2.0% of Gunderson Capital Management LLC’s holdings, making the stock its 24th largest holding.

A number of other hedge funds have also added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its stake in Targa Resources by 9.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 75,907 shares of the pipeline company’s stock worth $19,032,000 after purchasing an additional 6,613 shares in the last quarter. Adams Natural Resources Fund Inc. grew its position in shares of Targa Resources by 33.3% during the 1st quarter. Adams Natural Resources Fund Inc. now owns 92,500 shares of the pipeline company’s stock valued at $23,193,000 after purchasing an additional 23,100 shares in the last quarter. Adams Diversified Equity Fund Inc. purchased a new position in shares of Targa Resources during the 1st quarter valued at $12,185,000. Pictet Asset Management Holding SA increased its holdings in shares of Targa Resources by 6.6% in the first quarter. Pictet Asset Management Holding SA now owns 155,859 shares of the pipeline company’s stock worth $39,071,000 after purchasing an additional 9,681 shares during the period. Finally, Union Bancaire Privee UBP SA increased its holdings in shares of Targa Resources by 126.3% in the first quarter. Union Bancaire Privee UBP SA now owns 60,022 shares of the pipeline company’s stock worth $15,049,000 after purchasing an additional 33,496 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP opened at $272.83 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The stock’s 50 day simple moving average is $259.59 and its 200 day simple moving average is $229.14. The firm has a market cap of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 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 results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion for 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%. As a group, analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

Analysts Set New Price Targets

TRGP has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price target on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Morgan Stanley upped their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 12th. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. Royal Bank Of Canada reissued an “outperform” rating and issued a $281.00 price target on shares of Targa Resources in a research note on Tuesday, May 12th. Finally, TD Cowen increased their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on 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 represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.