Gunderson Capital Management LLC Buys New Shares in Targa Resources, Inc. $TRGP

Gunderson Capital Management LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,372 shares of the pipeline company’s stock, valued at approximately $4,857,000. Targa Resources comprises about 2.0% of Gunderson Capital Management LLC’s investment portfolio, making the stock its 24th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Korea Investment CORP lifted its position in shares of Targa Resources by 37.4% during the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after acquiring an additional 70,998 shares during the period. NFC Investments LLC bought a new position in shares of Targa Resources in the third quarter worth $8,478,000. PNC Financial Services Group Inc. lifted its position in Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares during the period. Wellington Management Group LLP lifted its position in Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. Finally, Eventide Asset Management LLC grew its stake in Targa Resources by 6.9% during the third quarter. Eventide Asset Management LLC now owns 375,619 shares of the pipeline company’s stock worth $62,960,000 after buying an additional 24,219 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Truist Financial increased their price target on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Scotiabank boosted their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Erste Group Bank assumed coverage on Targa Resources in a report on Thursday. They issued a “buy” rating on the stock. TD Cowen lifted their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research note on Monday, May 11th. Finally, UBS Group boosted their price target on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $272.73.

Targa Resources Stock Down 0.2%

Shares of TRGP opened at $272.83 on Friday. The company has a market capitalization of $58.56 billion, a PE ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The stock’s 50-day moving average price is $259.59 and its two-hundred day moving average price is $229.14. 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 quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio is currently 50.56%.

Insiders Place Their Bets

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

Targa Resources Company 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.