Quantbot Technologies LP grew its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 680.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,969 shares of the pipeline company's stock after acquiring an additional 24,387 shares during the quarter. Quantbot Technologies LP's holdings in Targa Resources were worth $4,140,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the 2nd quarter valued at approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the 3rd quarter worth $29,000. UMB Bank n.a. grew its stake in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after buying an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Targa Resources during the 3rd quarter worth $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources during the 2nd quarter worth $44,000. 92.13% of the stock is currently owned by institutional investors.
Targa Resources Stock Up 1.2 %
Shares of Targa Resources stock opened at $203.42 on Wednesday. The stock's fifty day moving average is $171.40 and its 200-day moving average is $145.62. The firm has a market capitalization of $44.36 billion, a PE ratio of 36.78, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its 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 for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the firm earned $0.97 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current year.
Targa Resources Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources's payout ratio is 54.25%.
Insider Activity at Targa Resources
In related news, CAO Julie H. Boushka sold 3,260 shares of the company's stock in a transaction 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 transaction, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction dated 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 directly owns 82,979 shares in the company, valued at approximately $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 ninety days, insiders have sold 185,760 shares of company stock valued at $30,026,712. Company insiders own 1.44% of the company's stock.
Wall Street Analysts Forecast Growth
TRGP has been the subject of a number of recent research reports. 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 lowered Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday. Stifel Nicolaus boosted their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, November 20th. Truist Financial boosted their price target on Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, Wells Fargo & Company boosted their price target on Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. One equities research 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 stock. According to data from MarketBeat, Targa Resources has a consensus rating of "Buy" and an average target price of $176.50.
View Our Latest Report on TRGP
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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