UniSuper Management Pty Ltd Sells 14,321 Shares of Targa Resources Corp. (NYSE:TRGP)

UniSuper Management Pty Ltd lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 43.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,604 shares of the pipeline company’s stock after selling 14,321 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Targa Resources were worth $3,321,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TRGP. GQG Partners LLC bought a new position in Targa Resources during the 4th quarter valued at $393,335,000. Raymond James Financial Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at about $150,372,000. TD Asset Management Inc. boosted its holdings in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after purchasing an additional 825,267 shares during the last quarter. Wellington Management Group LLP grew its position in Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. Finally, Amundi increased its stake in Targa Resources by 20.9% in the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after buying an additional 318,261 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last quarter. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Down 0.7 %

TRGP opened at $197.69 on Friday. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The company has a market cap of $43.12 billion, a PE ratio of 34.44, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a 50 day moving average of $199.31 and a 200 day moving average of $185.04.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, sell-side analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.52%. Targa Resources’s dividend payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research analyst reports. Barclays boosted their target price on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Citigroup boosted their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Finally, Truist Financial lifted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $211.00.

Targa Resources Company 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.