Geode Capital Management LLC increased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,717,487 shares of the pipeline company's stock after acquiring an additional 97,583 shares during the quarter. Geode Capital Management LLC owned 2.62% of Targa Resources worth $843,680,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. MidWestOne Financial Group Inc. raised its stake in Targa Resources by 9.1% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 3,167 shares of the pipeline company's stock worth $469,000 after buying an additional 263 shares during the period. M&T Bank Corp increased its holdings in shares of Targa Resources by 9.5% during the third quarter. M&T Bank Corp now owns 35,597 shares of the pipeline company's stock valued at $5,269,000 after acquiring an additional 3,094 shares in the last quarter. Barclays PLC raised its position in shares of Targa Resources by 19.5% during the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock worth $153,124,000 after purchasing an additional 168,602 shares during the period. Geller Advisors LLC lifted its holdings in shares of Targa Resources by 21.0% in the 3rd quarter. Geller Advisors LLC now owns 2,374 shares of the pipeline company's stock worth $351,000 after purchasing an additional 412 shares in the last quarter. Finally, Hamilton Capital LLC acquired a new stake in Targa Resources in the 3rd quarter valued at $211,000. Institutional investors and hedge funds own 92.13% of the company's stock.
Insiders Place Their Bets
In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock valued at $29,661,212 over the last 90 days. Insiders own 1.44% of the company's stock.
Targa Resources Stock Performance
Targa Resources stock traded down $0.68 during trading on Thursday, hitting $185.60. The stock had a trading volume of 1,222,800 shares, compared to its average volume of 1,652,488. The stock has a market cap of $40.47 billion, a price-to-earnings ratio of 33.56, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. 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's 50 day moving average is $180.92 and its two-hundred day moving average is $151.53. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the prior year, the business posted $0.97 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 6.26 EPS for the current 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 given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is currently 54.25%.
Analyst Ratings Changes
TRGP has been the topic of several research reports. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Morgan Stanley upped their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a research note on Wednesday, November 20th. Bank of America assumed coverage on Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 target price on the stock. Finally, Truist Financial upped their price target on Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, November 15th. One equities research 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $176.50.
Check Out Our Latest Stock Report on Targa Resources
About Targa Resources
(
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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