Lansforsakringar Fondforvaltning AB publ Boosts Stock Position in Targa Resources, Inc. $TRGP

Lansforsakringar Fondforvaltning AB publ lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 8.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,164 shares of the pipeline company’s stock after buying an additional 5,142 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in Targa Resources were worth $11,588,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of TRGP. Peoples Financial Services CORP. bought a new position in Targa Resources during the third quarter valued at approximately $34,000. Root Financial Partners LLC purchased a new stake in shares of Targa Resources in the 3rd quarter valued at $39,000. Avion Wealth grew its holdings in shares of Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares during the last quarter. First Horizon Corp purchased a new position in Targa Resources in the 3rd quarter worth $47,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Targa Resources in the second quarter worth $53,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TRGP shares. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. UBS Group reiterated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $207.00 to $248.00 and gave the company an “overweight” rating in a research note on Friday. Scotiabank reissued an “outperform” rating and issued a $224.00 price target on shares of Targa Resources in a research note on Friday, January 16th. Finally, Royal Bank Of Canada raised their price objective on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $229.29.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.34% of the company’s stock.

Targa Resources Stock Up 0.4%

Shares of Targa Resources stock opened at $232.30 on Tuesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $233.28. The firm has a market cap of $49.93 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 0.98 and a beta of 0.88. The company has a 50-day moving average of $195.48 and a 200 day moving average of $176.13. 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) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 46.57%.

Targa Resources 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.