AustralianSuper Pty Ltd Takes Position in Targa Resources Corp. (NYSE:TRGP)

AustralianSuper Pty Ltd purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 93,716 shares of the pipeline company’s stock, valued at approximately $16,728,000.

Several other institutional investors have also recently modified their holdings of TRGP. Wellington Management Group LLP raised its position in shares of Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the last quarter. National Bank of Canada FI raised its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Targa Resources by 599.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after purchasing an additional 246,762 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Targa Resources by 14,163.5% during the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after purchasing an additional 202,822 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC raised its position in shares of Targa Resources by 1,904.8% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock worth $29,596,000 after purchasing an additional 189,984 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.5 %

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

Targa Resources Dividend Announcement

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

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. The Goldman Sachs Group boosted their price target on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their price target on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Royal Bank of Canada boosted their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Scotiabank initiated coverage on Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target for the company. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Company Profile

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.