Targa Resources, Inc. $TRGP Shares Purchased by National Pension Service

Key Points

• National Pension Service boosted its Targa Resources stake by 12.8% in the fourth quarter, ending with 288,004 shares valued at about $53.1 million. Institutional investors now hold roughly 92.13% of the company.
• Targa Resources reported mixed quarterly results, posting earnings of $2.21 per share versus $2.48 expected and revenue of $4.09 billion versus $4.68 billion estimated. Analysts still expect full-year EPS of 10.67.
• The company raised its quarterly dividend to $1.25 per share from $1.00, giving it an annualized payout of $5.00 and a yield of about 2.0%. Meanwhile, analysts remain broadly positive, with a consensus Moderate Buy rating and average price target of $269.21.

National Pension Service increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 12.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 288,004 shares of the pipeline company's stock after acquiring an additional 32,696 shares during the period. National Pension Service owned about 0.13% of Targa Resources worth $53,137,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Olistico Wealth LLC acquired a new position in Targa Resources during the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new position in Targa Resources during the 4th quarter worth about $27,000. Leonteq Securities AG acquired a new position in Targa Resources during the 4th quarter worth about $31,000. Godfrey Financial Associates Inc. acquired a new position in Targa Resources during the 4th quarter worth about $37,000. Finally, Eagle Bay Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

TRGP stock opened at $255.14 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $54.76 billion, a P/E ratio of 25.80, a P/E/G ratio of 1.32 and a beta of 0.75. The business's 50-day moving average is $251.28 and its two-hundred day moving average is $216.18. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Analysts anticipate that Targa Resources, Inc. will post 10.67 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 2.0%. Targa Resources's dividend payout ratio is 50.56%.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 24,589 shares of the firm's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the sale, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 66,728 shares of company stock valued at $16,196,694. Corporate insiders own 1.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TRGP. The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. UBS Group increased their price target on Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, March 24th. Scotiabank increased their price target on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Barclays increased their price target on Targa Resources from $255.00 to $262.00 and gave the company an "overweight" rating in a research report on Thursday, May 14th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $269.21.

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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