Freemont Management S.A. Increases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Freemont Management S.A. lifted its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 335.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,200 shares of the pipeline company's stock after acquiring an additional 17,100 shares during the quarter. Targa Resources accounts for 1.6% of Freemont Management S.A.'s holdings, making the stock its 17th biggest position. Freemont Management S.A.'s holdings in Targa Resources were worth $3,286,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. US Bancorp DE boosted its holdings in Targa Resources by 5.6% during the first quarter. US Bancorp DE now owns 20,923 shares of the pipeline company's stock worth $2,343,000 after buying an additional 1,113 shares in the last quarter. Bleakley Financial Group LLC increased its position in Targa Resources by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 7,469 shares of the pipeline company's stock worth $836,000 after purchasing an additional 380 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Targa Resources by 5.5% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 20,618 shares of the pipeline company's stock worth $2,309,000 after purchasing an additional 1,066 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Targa Resources by 18.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 262,560 shares of the pipeline company's stock worth $29,404,000 after purchasing an additional 40,916 shares during the last quarter. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Targa Resources during the first quarter valued at about $315,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm'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 value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRGP. Morgan Stanley lifted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Scotiabank lifted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 17th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research report on Thursday, September 19th. Truist Financial lifted their price target on shares of Targa Resources from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Finally, Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $159.14.

Targa Resources Stock Down 0.8 %

Targa Resources stock traded down $1.45 during trading on Thursday, reaching $191.55. The stock had a trading volume of 1,536,678 shares, compared to its average volume of 1,649,629. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $197.14. The business has a 50 day moving average price of $161.69 and a 200 day moving average price of $139.86. 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 stock has a market cap of $41.77 billion, a PE ratio of 34.64, a P/E/G ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. On average, analysts predict that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.57%. The ex-dividend date is Thursday, October 31st. Targa Resources's payout ratio is 54.25%.

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.