UniSuper Management Pty Ltd Grows Stake in Targa Resources, Inc. $TRGP

UniSuper Management Pty Ltd boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 18.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 23,251 shares of the pipeline company’s stock after purchasing an additional 3,597 shares during the period. UniSuper Management Pty Ltd’s holdings in Targa Resources were worth $3,895,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Peoples Financial Services CORP. bought a new position in shares of Targa Resources during the 3rd quarter valued at approximately $34,000. Root Financial Partners LLC purchased a new position in Targa Resources during the third quarter worth $39,000. Avion Wealth increased its position in Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares during the last quarter. First Horizon Corp purchased a new stake in shares of Targa Resources in the third quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Targa Resources in the 2nd quarter worth about $53,000. 92.13% of the stock is owned by institutional investors.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares in the company, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the transaction, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on TRGP. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Wells Fargo & Company boosted their target price on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Weiss Ratings lowered Targa Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, January 14th. Finally, BMO Capital Markets boosted their price objective on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $213.14.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $192.48 on Tuesday. The firm’s 50 day simple moving average is $180.28 and its 200-day simple moving average is $169.42. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $211.87. The firm has a market cap of $41.32 billion, a PE ratio of 25.60, a price-to-earnings-growth ratio of 0.82 and a beta of 0.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. As a group, equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, January 30th. Targa Resources’s payout ratio is presently 53.19%.

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.