Erste Asset Management GmbH purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 9,100 shares of the pipeline company's stock, valued at approximately $1,336,000.
Several other institutional investors have also recently added to or reduced their stakes in TRGP. Edgestream Partners L.P. boosted its position in Targa Resources by 32.3% in the 3rd quarter. Edgestream Partners L.P. now owns 50,374 shares of the pipeline company's stock valued at $7,456,000 after buying an additional 12,301 shares during the period. Point72 Europe London LLP purchased a new position in Targa Resources in the 3rd quarter valued at approximately $13,182,000. Verition Fund Management LLC boosted 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 buying an additional 12,302 shares during the period. Infrastructure Capital Advisors LLC boosted its position in Targa Resources by 213.8% in the 3rd quarter. Infrastructure Capital Advisors LLC now owns 50,365 shares of the pipeline company's stock valued at $7,455,000 after buying an additional 34,317 shares during the period. Finally, Northwest & Ethical Investments L.P. boosted its position in Targa Resources by 6.9% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 2,050 shares of the pipeline company's stock valued at $303,000 after buying an additional 133 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.
Analyst Ratings Changes
TRGP has been the subject of several recent analyst reports. Morgan Stanley lifted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. US Capital Advisors cut shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Truist Financial lifted their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Targa Resources has an average rating of "Buy" and a consensus target price of $176.50.
Read Our Latest Stock Analysis on Targa Resources
Insider Buying and Selling
In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company's stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 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 of the company's stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 183,260 shares of company stock worth $29,661,212 in the last ninety days. 1.44% of the stock is currently owned by corporate insiders.
Targa Resources Stock Performance
NYSE:TRGP traded down $1.68 during mid-day trading on Wednesday, hitting $195.45. The stock had a trading volume of 1,336,223 shares, compared to its average volume of 1,654,322. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $209.87. The stock has a market capitalization of $42.62 billion, a price-to-earnings ratio of 35.34, a P/E/G ratio of 0.77 and a beta of 2.28. The company has a 50 day simple moving average of $176.79 and a 200-day simple moving average of $148.92. 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 released its quarterly 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 the consensus estimate of $4.24 billion. During the same period in the previous year, the firm earned $0.97 EPS. 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 announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. Targa Resources's payout ratio is currently 54.25%.
Targa Resources Company Profile
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Free Report)
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.
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