Securian Asset Management Inc. Has $1.40 Million Position in Targa Resources Corp. (NYSE:TRGP)

Posted by Defense World Staff on Apr 25th, 2023

Securian Asset Management Inc. reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP – Get Rating) by 8.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,021 shares of the pipeline company’s stock after selling 1,663 shares during the quarter. Securian Asset Management Inc.’s holdings in Targa Resources were worth $1,398,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of TRGP. MinichMacGregor Wealth Management LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at $31,000. Fred Alger Management LLC acquired a new stake in shares of Targa Resources in the third quarter valued at $56,000. National Bank of Canada FI increased its stake in shares of Targa Resources by 46.6% in the third quarter. National Bank of Canada FI now owns 1,180 shares of the pipeline company’s stock valued at $72,000 after buying an additional 375 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Targa Resources in the fourth quarter worth about $105,000. Finally, CWM LLC raised its holdings in Targa Resources by 12.5% during the 3rd quarter. CWM LLC now owns 1,779 shares of the pipeline company’s stock worth $107,000 after purchasing an additional 197 shares during the last quarter. 88.29% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP opened at $76.99 on Tuesday. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.64 and a current ratio of 0.77. The stock has a 50 day simple moving average of $74.07 and a 200 day simple moving average of $72.41. Targa Resources Corp. has a 52-week low of $55.56 and a 52-week high of $80.40. The firm has a market capitalization of $17.42 billion, a PE ratio of 19.79 and a beta of 2.28.

Targa Resources (NYSE:TRGP – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The pipeline company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.09. Targa Resources had a return on equity of 25.20% and a net margin of 5.46%. The business had revenue of $4.55 billion during the quarter, compared to analyst estimates of $5.38 billion. Sell-side analysts predict that Targa Resources Corp. will post 5.59 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, April 28th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, April 27th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.35. This represents a $2.00 annualized dividend and a dividend yield of 2.60%. Targa Resources’s payout ratio is currently 35.99%.

Analysts Set New Price Targets

Several brokerages have weighed in on TRGP. StockNews.com began coverage on Targa Resources in a report on Thursday, March 16th. They set a “hold” rating for the company. Wells Fargo & Company boosted their price objective on Targa Resources from $89.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, March 1st. Scotiabank began coverage on Targa Resources in a report on Thursday, March 2nd. They set an “outperform” rating and a $115.00 price objective for the company. Raymond James boosted their price objective on Targa Resources from $95.00 to $100.00 and gave the stock a “strong-buy” rating in a report on Friday. Finally, UBS Group boosted their price objective on Targa Resources from $106.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, April 6th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $99.45.

Targa Resources Company Profile

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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