Lansforsakringar Fondforvaltning AB publ Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Lansforsakringar Fondforvaltning AB publ bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 66,685 shares of the pipeline company’s stock, valued at approximately $11,903,000.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after acquiring an additional 150,038 shares during the period. Geode Capital Management LLC grew its position in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank acquired a new stake in Targa Resources during the 4th quarter worth about $505,132,000. Price T Rowe Associates Inc. MD grew its position in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after purchasing an additional 53,853 shares during the period. Finally, GQG Partners LLC acquired a new stake in Targa Resources during the 4th quarter worth about $393,335,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on TRGP shares. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Tuesday, May 20th. Barclays cut their price target on Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 20th. UBS Group cut their price target on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Mizuho set a $212.00 price target on Targa Resources and gave the stock an “outperform” rating in a research report on Tuesday, May 20th. Finally, The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $198.79.

Targa Resources Price Performance

NYSE:TRGP opened at $159.20 on Thursday. Targa Resources Corp. has a 52 week low of $114.36 and a 52 week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $34.54 billion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The stock’s 50-day moving average price is $172.11 and its 200-day moving average price is $187.17.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources’s dividend payout ratio is presently 73.66%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.