Lansforsakringar Fondforvaltning AB publ Invests $11.90 Million in Targa Resources Corp. (NYSE:TRGP)

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

Several other large investors also recently made changes to their positions in TRGP. Norges Bank acquired a new stake in shares of Targa Resources in the fourth quarter worth $505,132,000. GQG Partners LLC acquired a new stake in shares of Targa Resources in the fourth quarter worth $393,335,000. Canada Pension Plan Investment Board increased its position in shares of Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after acquiring an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Targa Resources in the fourth quarter worth $150,372,000. Finally, TD Asset Management Inc. increased its position in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock worth $173,212,000 after acquiring an additional 825,267 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 0.5%

TRGP stock traded down $0.78 during mid-day trading on Friday, hitting $157.71. 4,020,354 shares of the company were exchanged, compared to its average volume of 1,813,152. The firm has a fifty day simple moving average of $170.23 and a 200 day simple moving average of $186.67. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $114.51 and a twelve month high of $218.51. The company has a market capitalization of $34.21 billion, a PE ratio of 27.48, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. On average, research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TRGP. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Morgan Stanley raised their price target on shares of 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 shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Citigroup lowered their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, The Goldman Sachs Group lowered their price target 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. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and an average target price of $198.79.

About Targa Resources

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.