Swiss Life Asset Management Ltd Acquires 2,069 Shares of Targa Resources, Inc. $TRGP

Swiss Life Asset Management Ltd grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,429 shares of the pipeline company’s stock after acquiring an additional 2,069 shares during the period. Swiss Life Asset Management Ltd’s holdings in Targa Resources were worth $5,983,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Oxbow Advisors LLC bought a new stake in shares of Targa Resources during the 4th quarter valued at $214,000. LRI Investments LLC lifted its position in Targa Resources by 36.6% during the fourth quarter. LRI Investments LLC now owns 676 shares of the pipeline company’s stock valued at $125,000 after purchasing an additional 181 shares in the last quarter. NewEdge Wealth LLC grew its holdings in Targa Resources by 31.0% during the fourth quarter. NewEdge Wealth LLC now owns 14,122 shares of the pipeline company’s stock valued at $2,606,000 after purchasing an additional 3,338 shares during the period. International Assets Investment Management LLC bought a new stake in Targa Resources during the fourth quarter valued at about $205,000. Finally, Generali Asset Management SPA SGR increased its position in Targa Resources by 2.7% in the fourth quarter. Generali Asset Management SPA SGR now owns 30,824 shares of the pipeline company’s stock worth $5,687,000 after buying an additional 814 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $263.12 on Thursday. 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, Inc. has a 12-month low of $144.14 and a 12-month high of $263.38. The stock has a 50-day moving average price of $243.75 and a 200 day moving average price of $207.11. The stock has a market capitalization of $56.48 billion, a P/E ratio of 26.60, a P/E/G ratio of 1.65 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Equities research analysts forecast that Targa Resources, Inc. will post 10.3 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRGP. TD Cowen raised their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday. Morgan Stanley increased their target price on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday. UBS Group raised their target price on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Barclays upped their price target on shares of Targa Resources from $226.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Finally, Truist Financial increased their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research note on Tuesday. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $265.86.

Insider Activity

In related news, President Jennifer R. Kneale sold 29,509 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the transaction, the president owned 235,260 shares in the company, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares of the company’s stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 115,531 shares of company stock valued at $27,405,821 in the last quarter. Company 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.