Point72 Hong Kong Ltd Invests $21.78 Million in Targa Resources Corp. (NYSE:TRGP)

Point72 Hong Kong Ltd purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 147,172 shares of the pipeline company's stock, valued at approximately $21,783,000. Targa Resources comprises about 1.5% of Point72 Hong Kong Ltd's portfolio, making the stock its 12th biggest position. Point72 Hong Kong Ltd owned approximately 0.07% of Targa Resources as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in TRGP. Erste Asset Management GmbH acquired a new position in shares of Targa Resources in the third quarter valued at approximately $1,336,000. Edgestream Partners L.P. boosted its holdings in shares of Targa Resources by 32.3% in the third quarter. Edgestream Partners L.P. now owns 50,374 shares of the pipeline company's stock worth $7,456,000 after buying an additional 12,301 shares during the period. Point72 Europe London LLP bought a new stake in Targa Resources in the third quarter worth $13,182,000. Verition Fund Management LLC lifted its stake in shares of Targa Resources by 12.0% in the third quarter. Verition Fund Management LLC now owns 114,797 shares of the pipeline company's stock valued at $16,991,000 after buying an additional 12,302 shares during the period. Finally, Infrastructure Capital Advisors LLC increased its holdings in shares of Targa Resources by 213.8% during the third quarter. Infrastructure Capital Advisors LLC now owns 50,365 shares of the pipeline company's stock worth $7,455,000 after buying an additional 34,317 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 1.4 %

Targa Resources stock traded up $2.91 during midday trading on Friday, hitting $204.30. 826,795 shares of the stock were exchanged, compared to its average volume of 1,682,676. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business's 50-day moving average price is $174.40 and its 200-day moving average price is $147.26. The stock has a market capitalization of $44.55 billion, a price-to-earnings ratio of 36.94, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24.

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

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. Targa Resources's dividend payout ratio (DPR) is 54.25%.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of recent research reports. Argus raised Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. Truist Financial upped their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a report on Friday, November 15th. Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a report on Tuesday, October 15th. Finally, The Goldman Sachs Group raised their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Targa Resources presently has an average rating of "Buy" and an average price target of $176.50.

Insider Activity

In related news, CAO Julie H. Boushka sold 3,260 shares of the business'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 transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company's stock, valued at $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last ninety days. Corporate insiders own 1.39% of the company's stock.

About Targa Resources

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.