Targa Resources, Inc. $TRGP Shares Purchased by Munro Partners

Munro Partners boosted its position in Targa Resources, Inc. (NYSE:TRGP) by 406.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 317,210 shares of the pipeline company’s stock after purchasing an additional 254,540 shares during the quarter. Targa Resources comprises approximately 1.5% of Munro Partners’ investment portfolio, making the stock its 25th largest position. Munro Partners owned about 0.15% of Targa Resources worth $58,525,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TRGP. Norges Bank acquired a new stake in shares of Targa Resources in the 4th quarter worth $735,758,000. Wellington Management Group LLP increased its stake in shares of Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Targa Resources in the 3rd quarter worth $121,426,000. Finally, Vanguard Group Inc. increased its stake in shares of Targa Resources by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after acquiring an additional 422,075 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on TRGP shares. UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Truist Financial raised their target price on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research note on Friday, May 8th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.21.

Targa Resources Stock Performance

NYSE TRGP opened at $262.31 on Tuesday. The stock has a market cap of $56.30 billion, a PE ratio of 26.52, a P/E/G ratio of 1.39 and a beta of 0.72. 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 twelve month low of $144.14 and a twelve month high of $280.00. The stock has a fifty day simple moving average of $255.78 and a 200-day simple moving average of $223.89.

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

Targa Resources Increases Dividend

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

Insider Buying and Selling at Targa Resources

In other 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 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. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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.