UniSuper Management Pty Ltd Acquires 421,084 Shares of Targa Resources, Inc. $TRGP

UniSuper Management Pty Ltd lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 1,811.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 444,335 shares of the pipeline company’s stock after buying an additional 421,084 shares during the quarter. UniSuper Management Pty Ltd owned about 0.21% of Targa Resources worth $81,980,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources in the fourth quarter valued at about $27,000. Olistico Wealth LLC bought a new stake in Targa Resources during the 4th quarter worth about $27,000. Leonteq Securities AG bought a new stake in Targa Resources during the 4th quarter worth about $31,000. Godfrey Financial Associates Inc. bought a new stake in Targa Resources during the 4th quarter worth about $37,000. Finally, Eagle Bay Advisors LLC bought a new stake in Targa Resources during the 4th quarter worth about $42,000. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

TRGP has been the subject of several recent research reports. Wells Fargo & Company boosted their price objective on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. UBS Group boosted their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.21.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.37% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $269.31 on Friday. The firm has a market capitalization of $57.80 billion, a P/E ratio of 27.23, 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. The business has a 50-day moving average of $254.88 and a 200-day moving average of $222.52. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted its earnings results 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 for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, equities analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

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

About Targa Resources

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.