Paloma Partners Management Co Has $1.69 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Paloma Partners Management Co grew its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 51.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,443 shares of the pipeline company's stock after buying an additional 3,869 shares during the quarter. Paloma Partners Management Co's holdings in Targa Resources were worth $1,694,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the 2nd quarter worth about $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the third quarter worth approximately $29,000. UMB Bank n.a. lifted its position in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources during the third quarter worth approximately $35,000. Finally, Whittier Trust Co. purchased a new position in Targa Resources during the second quarter valued at approximately $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction 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 sale, the chief accounting officer now owns 35,143 shares of the company's stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm's stock in a transaction dated 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 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 183,260 shares of company stock valued at $29,661,212. Insiders own 1.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TRGP. US Capital Advisors lowered shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. The Goldman Sachs Group lifted their price objective on 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 upped their target price on Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Argus upgraded Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Finally, Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $176.50.

Targa Resources Stock Performance

NYSE:TRGP traded up $2.46 during midday trading on Tuesday, reaching $197.00. The stock had a trading volume of 1,474,784 shares, compared to its average volume of 1,655,028. The stock has a market capitalization of $42.96 billion, a P/E ratio of 35.62, a PEG ratio of 0.77 and a beta of 2.28. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm's fifty day simple moving average is $175.99 and its 200-day simple moving average is $148.59.

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, 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 company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business posted $0.97 earnings per share. On average, equities research analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.52%. Targa Resources's dividend 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.