IFM Investors Pty Ltd Purchases 3,791 Shares of Targa Resources, Inc. (NYSE:TRGP)

IFM Investors Pty Ltd boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,937 shares of the pipeline company's stock after acquiring an additional 3,791 shares during the quarter. IFM Investors Pty Ltd's holdings in Targa Resources were worth $12,617,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Colonial Trust Co SC increased its stake in shares of 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 in the last quarter. Atala Financial Inc bought a new position in Targa Resources in the fourth quarter valued at about $31,000. Cary Street Partners Financial LLC bought a new position in Targa Resources in the fourth quarter valued at about $31,000. Ameriflex Group Inc. bought a new position in Targa Resources in the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in Targa Resources in the fourth quarter valued at about $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 0.1%

TRGP traded down $0.26 during midday trading on Friday, reaching $173.52. 760,692 shares of the company were exchanged, compared to its average volume of 1,840,013. 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, Inc. has a one year low of $122.56 and a one year high of $218.51. The stock has a market capitalization of $37.64 billion, a P/E ratio of 31.96, a PEG ratio of 0.62 and a beta of 1.07. The stock's 50-day simple moving average is $166.38 and its 200 day simple moving average is $182.23.

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

Targa Resources Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Analysts Set New Price Targets

TRGP has been the topic of several recent research reports. Morgan Stanley raised their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Barclays decreased their price target on Targa Resources from $206.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday, May 20th. Scotiabank raised their price target on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a report on Thursday, June 5th. Finally, UBS Group decreased their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Twelve investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $209.67.

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.