Point72 Europe London LLP Buys Shares of 89,063 Targa Resources Corp. (NYSE:TRGP)

Point72 Europe London LLP purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 89,063 shares of the pipeline company’s stock, valued at approximately $13,182,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Verition Fund Management LLC increased its position in Targa Resources by 12.0% in the 3rd quarter. Verition Fund Management LLC now owns 114,797 shares of the pipeline company’s stock valued at $16,991,000 after acquiring an additional 12,302 shares during the period. Infrastructure Capital Advisors LLC grew its stake in shares of Targa Resources by 213.8% in the third quarter. Infrastructure Capital Advisors LLC now owns 50,365 shares of the pipeline company’s stock worth $7,455,000 after purchasing an additional 34,317 shares during the last quarter. Northwest & Ethical Investments L.P. increased its holdings in Targa Resources by 6.9% in the third quarter. Northwest & Ethical Investments L.P. now owns 2,050 shares of the pipeline company’s stock valued at $303,000 after purchasing an additional 133 shares during the period. Vinva Investment Management Ltd bought a new position in Targa Resources during the 3rd quarter worth $1,374,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Targa Resources by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock worth $197,076,000 after purchasing an additional 14,287 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction 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 represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last three months. Corporate insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Truist Financial increased their price target on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Stifel Nicolaus increased their target price 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. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday. Finally, 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. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $176.50.

Targa Resources Stock Up 1.4 %

TRGP stock opened at $204.30 on Friday. The stock’s 50 day simple moving average is $174.40 and its 200 day simple moving average is $147.03. The company has a market cap of $44.55 billion, a P/E ratio of 36.94, a price-to-earnings-growth ratio of 0.79 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87.

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

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. 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 dividend payout ratio is currently 54.25%.

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.