Dynamic Technology Lab Private Ltd Acquires New Position in Targa Resources Corp. (NYSE:TRGP)

Dynamic Technology Lab Private Ltd purchased a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 13,701 shares of the pipeline company's stock, valued at approximately $2,028,000.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock valued at $296,647,000 after purchasing an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company's stock worth $194,720,000 after acquiring an additional 360,675 shares during the last quarter. Truist Financial Corp grew its position in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company's stock valued at $108,010,000 after acquiring an additional 46,864 shares during the period. Principal Financial Group Inc. increased its stake in shares of Targa Resources by 2.9% in the 3rd quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company's stock worth $120,540,000 after purchasing an additional 22,621 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company's stock worth $101,877,000 after purchasing an additional 557,832 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. UBS Group upped their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Bank of America began coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a "buy" rating and a $182.00 price objective on the stock. Finally, Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $176.50.

Targa Resources Price Performance

Shares of TRGP stock traded up $2.36 on Tuesday, reaching $203.42. The company's stock had a trading volume of 1,733,704 shares, compared to its average volume of 1,657,971. The stock's fifty day simple moving average is $171.40 and its 200-day simple moving average is $145.62. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The company has a market capitalization of $44.36 billion, a price-to-earnings ratio of 36.78, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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 net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm posted $0.97 EPS. Analysts forecast that Targa Resources Corp. will post 6.23 earnings per share 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. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's payout ratio is 54.25%.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the 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 sale, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company's stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is currently owned by company insiders.

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.