Transurban Group (ASX: TCL) shares are enjoying some time in the green today after Macquarie Group Ltd (ASX: MQG) raised its price target on the company.
At the time of writing, the Transurban share price is trading at $14.62, up 1.46%.
Let's take a closer look at what Transurban has been up to lately.
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Transurban Group – what is it?
Transurban stands on the podium as one of the biggest toll-road operators in the world.
Its operations span across Australia and North America, with large interests in each country.
It has expertise in all things toll roads, including the financing, development and maintenance of new and existing toll-road networks.
The company also has adjacent interests in the research of road and vehicle safety.
After listing in 1996, Transurban Group now has a market capitalisation of around $40 billion. It recognised revenue of $1.4 billion in the first half of this calendar year.
Brokers upgrade Transurban share price target
According to Bloomberg, investment banking giant Macquarie Group increased its price target on the company to $15.20 this morning. This represents an almost 4% upside potential to the current share price.
Well before COVID-19, Macquarie had set a price target of $15.48 for the Transurban share price.
Bloomberg also reports that Jarden Securities Limited began initial coverage on the company today, assigning a price target of $14.80.
The Transurban share price continues its walk into the green this morning following the release of these two broker updates.
What else has Transurban been up to lately?
On 24 June, the company announced details of its FY21 dividend distribution and FY21 results.
In the release, Transurban outlined it would return 21.5 cents per share for the six months ending 30 June, bringing the total dividends paid for FY21 to 36.5 cents per share.
Back in May, the company also announced its subsidiary, WestConnex, had completed a $1.8 billion private placement to pay down an outstanding debt facility, to the tune of $1.2 billion.
Since these events in the company's narrative, shares in the toll-road operator have snaked their way 3% into the green.
Transurban share price snapshot
The Transurban share price has posted a year to date return of around 7%, having also jumped by approximately 7% over the past 12 months.
These returns have lagged the S&P/ASX 200 Index (ASX: XJO)'s gains of ~12% this year, and ~23% over the last 12 months.
