Allianz Asset Management GmbH Grows Stake in Targa Resources Corp. (NYSE:TRGP)

Allianz Asset Management GmbH raised its stake in Targa Resources Corp. (NYSE:TRGP) by 40.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 890,514 shares of the pipeline company’s stock after acquiring an additional 254,286 shares during the quarter. Allianz Asset Management GmbH’s holdings in Targa Resources were worth $158,957,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRGP. DT Investment Partners LLC purchased a new position in Targa Resources in the third quarter valued at about $29,000. Prospera Private Wealth LLC purchased a new position in Targa Resources in the third quarter valued at about $35,000. Aspect Partners LLC boosted its stake in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton boosted its stake in Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. Finally, Stonebridge Financial Group LLC purchased a new position in Targa Resources in the fourth quarter valued at about $49,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Targa Resources stock opened at $204.93 on Friday. The firm’s 50 day simple moving average is $195.20 and its 200 day simple moving average is $175.21. 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 firm has a market capitalization of $44.69 billion, a PE ratio of 37.06, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29. Targa Resources Corp. has a 1-year low of $95.88 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. As a group, analysts expect that Targa Resources Corp. will post 6.36 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. 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 is presently 54.25%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TRGP. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Scotiabank began coverage on shares of Targa Resources in a research report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Stifel Nicolaus boosted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Truist Financial lowered their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Finally, Royal Bank of Canada boosted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average target price of $196.07.

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.