Ninety One UK Ltd Buys 10,946 Shares of Targa Resources, Inc. $TRGP

Key Points

• Ninety One UK Ltd increased its stake in Targa Resources by 12.6% in Q4, buying 10,946 shares to hold 97,731 shares valued at $18.03 million; institutional investors now own 92.13% of TRGP.
• Multiple analysts raised price targets (Citigroup $262, Wells Fargo $264, Barclays $255, Truist $285, Mizuho $260), leaving a consensus rating of "Moderate Buy" and a $258.07 consensus price target.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00) for a 2.1% yield, with an ex-dividend date of April 30 and a payout ratio around 58.2%.

Ninety One UK Ltd grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,731 shares of the pipeline company's stock after buying an additional 10,946 shares during the period. Ninety One UK Ltd's holdings in Targa Resources were worth $18,031,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Woodline Partners LP increased its position in shares of Targa Resources by 40.7% during the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth increased its position in shares of Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after buying an additional 2,404 shares during the period. Baird Financial Group Inc. increased its position in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after buying an additional 219 shares during the period. Brown Advisory Inc. increased its position in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after buying an additional 524 shares during the period. Finally, Cerity Partners LLC increased its position in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock valued at $5,550,000 after buying an additional 3,163 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup upped their price target on Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Wells Fargo & Company upped their price target on Targa Resources from $248.00 to $264.00 and gave the company an "overweight" rating in a research report on Friday, March 13th. Barclays upped their price target on Targa Resources from $226.00 to $255.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th. Truist Financial boosted their price objective on Targa Resources from $279.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Finally, Mizuho boosted their price objective on Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, March 19th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $258.07.

Targa Resources Stock Down 1.7%

Shares of NYSE TRGP opened at $235.63 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $253.87. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The firm has a market capitalization of $50.61 billion, a price-to-earnings ratio of 27.43, a PEG ratio of 1.55 and a beta of 0.81. The business has a 50-day moving average of $237.10 and a 200-day moving average of $196.60.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 2.1%. Targa Resources's payout ratio is presently 58.21%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the sale, the insider owned 305,163 shares of the company's stock, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the company's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director directly owned 77,094 shares of the company's stock, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 104,929 shares of company stock valued at $24,692,134 in the last ninety days. Insiders own 1.37% of the company's stock.

About Targa Resources

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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