Mirae Asset Global Investments Co. Ltd. Increases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Mirae Asset Global Investments Co. Ltd. raised its stake in Targa Resources Corp. (NYSE:TRGP) by 31.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,520 shares of the pipeline company’s stock after acquiring an additional 9,927 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Targa Resources were worth $7,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. MML Investors Services LLC increased its position in Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after buying an additional 10,100 shares during the period. Nordea Investment Management AB increased its holdings in shares of Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after acquiring an additional 13,167 shares during the period. Braun Stacey Associates Inc. purchased a new stake in Targa Resources in the 3rd quarter valued at $11,042,000. Capital Investment Advisors LLC boosted its stake in Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares during the period. Finally, Atomi Financial Group Inc. purchased a new position in Targa Resources during the 4th quarter worth $271,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of a number of research reports. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Truist Financial lowered their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. The Goldman Sachs Group upped their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective on the stock. Finally, UBS Group raised their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. One equities research 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $189.21.

Targa Resources Trading Up 1.2 %

Shares of TRGP stock opened at $201.30 on Friday. Targa Resources Corp. has a fifty-two week low of $86.56 and a fifty-two week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business has a fifty day simple moving average of $193.13 and a 200-day simple moving average of $170.46. The stock has a market cap of $43.90 billion, a P/E ratio of 36.40, a P/E/G ratio of 0.59 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the firm posted $0.97 EPS. On average, analysts forecast that Targa Resources Corp. will post 6.41 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. Targa Resources’s dividend payout ratio is currently 54.25%.

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.