AustralianSuper Pty Ltd Has $14.25 Million Holdings in Targa Resources, Inc. (NYSE:TRGP)

AustralianSuper Pty Ltd trimmed its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 24.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,092 shares of the pipeline company's stock after selling 22,624 shares during the period. AustralianSuper Pty Ltd's holdings in Targa Resources were worth $14,252,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cornerstone Planning Group LLC lifted its position in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the period. Ameriflex Group Inc. bought a new position in Targa Resources during the fourth quarter worth $31,000. Colonial Trust Co SC lifted its holdings in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares during the period. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP stock opened at $171.24 on Friday. Targa Resources, Inc. has a one year low of $122.56 and a one year high of $218.51. The company's 50-day moving average is $167.58 and its 200 day moving average is $181.73. The company has a market capitalization of $37.15 billion, a price-to-earnings ratio of 31.54, a price-to-earnings-growth ratio of 1.12 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TRGP. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Tuesday. Barclays lifted their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. TD Securities began coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating for the company. Finally, The Goldman Sachs Group decreased their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and a consensus target price of $209.86.

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.

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