Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 61,228.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,293 shares of the pipeline company's stock after acquiring an additional 4,286 shares during the period. Point72 Asia Singapore Pte. Ltd.'s holdings in Targa Resources were worth $635,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRGP. Caxton Associates LP purchased a new stake in shares of Targa Resources in the 2nd quarter worth about $2,323,000. Cetera Investment Advisers raised its stake in shares of Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company's stock worth $3,478,000 after purchasing an additional 21,200 shares during the last quarter. Braun Stacey Associates Inc. purchased a new stake in Targa Resources during the third quarter valued at $11,042,000. Metis Global Partners LLC increased its position in Targa Resources by 12.7% during the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company's stock valued at $3,784,000 after acquiring an additional 2,890 shares during the last quarter. Finally, Prospera Financial Services Inc increased its position in Targa Resources by 73.3% in the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company's stock worth $1,774,000 after buying an additional 5,067 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Activity

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were 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 of the company's stock, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Trading Down 4.4 %

TRGP stock traded down $9.07 during trading on Monday, reaching $195.23. 947,719 shares of the stock were exchanged, compared to its average volume of 1,650,488. The business has a 50 day moving average price of $174.40 and a 200-day moving average price of $147.48. The firm has a market capitalization of $42.57 billion, a price-to-earnings ratio of 36.62, a P/E/G ratio of 0.80 and a beta of 2.24. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. 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 announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $4.24 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. On average, research analysts predict that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. The ex-dividend date was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is 54.25%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRGP. Morgan Stanley upped their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. US Capital Advisors downgraded Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. UBS Group increased their target price on Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Finally, Truist Financial upped their target price on Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $176.50.

Targa Resources Profile

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.