Point72 Asia Singapore Pte. Ltd. Purchases 88 Shares of Targa Resources Corp. (NYSE:TRGP)

Point72 Asia Singapore Pte. Ltd. lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 2.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,381 shares of the pipeline company’s stock after purchasing an additional 88 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Targa Resources were worth $782,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quantinno Capital Management LP grew its holdings in Targa Resources by 45.4% during the fourth quarter. Quantinno Capital Management LP now owns 48,771 shares of the pipeline company’s stock valued at $8,706,000 after purchasing an additional 15,222 shares during the period. Mufg Securities Americas Inc. purchased a new position in shares of Targa Resources during the 4th quarter valued at about $575,000. Man Group plc increased its holdings in Targa Resources by 26.9% in the 4th quarter. Man Group plc now owns 343,019 shares of the pipeline company’s stock worth $61,229,000 after acquiring an additional 72,711 shares in the last quarter. Nomura Holdings Inc. purchased a new stake in Targa Resources in the 4th quarter worth approximately $1,764,000. Finally, Nuveen Asset Management LLC raised its stake in Targa Resources by 22.0% during the 4th quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company’s stock worth $349,024,000 after acquiring an additional 353,165 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.2%

NYSE TRGP opened at $166.62 on Friday. The stock has a 50 day moving average price of $177.59 and a 200-day moving average price of $188.02. Targa Resources Corp. has a one year low of $113.65 and a one year high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market capitalization of $36.15 billion, a P/E ratio of 29.03, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. As a group, equities analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were issued a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources’s payout ratio is 73.66%.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent analyst reports. Citigroup dropped their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Royal Bank of Canada dropped their target price on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Barclays lowered their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Finally, UBS Group cut their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research report on Thursday. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $201.64.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.34% of the company’s stock.

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.