Point72 Europe London LLP Takes Position in Targa Resources Corp. (NYSE:TRGP)

Point72 Europe London LLP bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the third quarter, Holdings Channel reports. The firm bought 89,063 shares of the pipeline company’s stock, valued at approximately $13,182,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. lifted its stake in Targa Resources by 54.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 7,574 shares of the pipeline company’s stock valued at $848,000 after purchasing an additional 2,664 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Targa Resources by 8.0% during the 1st quarter. Tidal Investments LLC now owns 10,117 shares of the pipeline company’s stock worth $1,133,000 after acquiring an additional 751 shares during the period. Cetera Investment Advisers increased its holdings in Targa Resources by 215.2% in the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares during the last quarter. Cetera Advisors LLC raised its stake in Targa Resources by 166.9% in the 1st quarter. Cetera Advisors LLC now owns 6,453 shares of the pipeline company’s stock valued at $723,000 after acquiring an additional 4,035 shares during the period. Finally, DekaBank Deutsche Girozentrale lifted its holdings in Targa Resources by 21.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 62,744 shares of the pipeline company’s stock valued at $6,927,000 after purchasing an additional 11,098 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Barclays raised their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Truist Financial raised their target price on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Trading Up 1.4 %

Shares of Targa Resources stock opened at $204.30 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The firm has a market cap of $44.55 billion, a PE ratio of 36.94, a PEG ratio of 0.79 and a beta of 2.24. The company has a 50 day simple moving average of $174.40 and a two-hundred day simple moving average of $147.03.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the firm posted $0.97 EPS. Analysts expect that Targa Resources Corp. will post 6.28 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Targa Resources 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.