Mirae Asset Global Investments Co. Ltd. Has $10.04 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Mirae Asset increased its stake in Targa Resources by 16.4% in Q4 to 54,427 shares, valued at about $10.04 million according to the latest SEC filing.
• Insiders sold 104,929 shares worth $24.69 million in the last quarter (including a $5.93M sale by Robert Muraro), reducing insider ownership to 1.37%.
• Dividend increase: Targa raised its quarterly payout to $1.25 (annualized $5.00) for a ~2.1% yield, up from $1.00 quarterly, with an ex-dividend date of April 30 and a payout ratio of 46.57%.

Mirae Asset Global Investments Co. Ltd. grew its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 16.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,427 shares of the pipeline company's stock after buying an additional 7,666 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Targa Resources were worth $10,042,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Peoples Financial Services CORP. acquired a new stake in shares of Targa Resources in the third quarter valued at about $34,000. Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $42,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $39,000. Finally, Avion Wealth increased its stake in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company's stock valued at $46,000 after buying an additional 228 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In related news, Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director owned 11,670 shares of the company's stock, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the sale, the insider directly owned 197,401 shares of the company's stock, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 in the last quarter. Insiders own 1.37% of the company's stock.

Targa Resources Trading Up 0.1%

NYSE TRGP opened at $235.63 on Monday. The business has a 50 day simple moving average of $237.10 and a 200 day simple moving average of $196.80. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $253.87. The stock has a market capitalization of $50.61 billion, a P/E ratio of 27.43, a P/E/G ratio of 1.52 and a beta of 0.81. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion during the quarter, compared to analysts' expectations of $4.12 billion. Research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's payout ratio is 46.57%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wells Fargo & Company raised their target price on Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research note on Friday, March 13th. BMO Capital Markets reaffirmed an "outperform" rating and set a $241.00 target price on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen raised their target price on Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. Finally, Mizuho raised their target price on Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, March 19th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of "Moderate Buy" and an average price target of $258.07.

Targa Resources Company 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.

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