AustralianSuper Pty Ltd Makes New $16.73 Million Investment in Targa Resources Corp. (NYSE:TRGP)

AustralianSuper Pty Ltd acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 93,716 shares of the pipeline company’s stock, valued at approximately $16,728,000.

Several other hedge funds also recently made changes to their positions in the company. Asset Management One Co. Ltd. grew its holdings in shares of Targa Resources by 2.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 79,794 shares of the pipeline company’s stock worth $14,152,000 after purchasing an additional 2,087 shares during the last quarter. Avestar Capital LLC purchased a new position in shares of Targa Resources during the fourth quarter worth about $222,000. McClarren Financial Advisors Inc. grew its holdings in shares of Targa Resources by 18.9% during the fourth quarter. McClarren Financial Advisors Inc. now owns 1,084 shares of the pipeline company’s stock worth $193,000 after purchasing an additional 172 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Targa Resources during the fourth quarter worth about $5,784,000. Finally, Van ECK Associates Corp grew its holdings in shares of Targa Resources by 3.0% during the fourth quarter. Van ECK Associates Corp now owns 73,638 shares of the pipeline company’s stock worth $13,144,000 after purchasing an additional 2,115 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $205.51 on Friday. The firm has a 50 day moving average of $193.65 and a 200-day moving average of $172.87. Targa Resources Corp. has a 12-month low of $88.50 and a 12-month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $44.81 billion, a price-to-earnings ratio of 37.16, a PEG ratio of 0.59 and a beta of 2.29.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.46%. Targa Resources’s payout ratio is 54.25%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TRGP. Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Royal Bank of Canada raised their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company raised their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $189.21.

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.