Targa Resources Corp. (NYSE:TRGP) is Merewether Investment Management LP's 3rd Largest Position

Merewether Investment Management LP grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 14.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 855,593 shares of the pipeline company's stock after acquiring an additional 107,900 shares during the period. Targa Resources comprises approximately 5.8% of Merewether Investment Management LP's holdings, making the stock its 3rd largest position. Merewether Investment Management LP owned about 0.39% of Targa Resources worth $126,636,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Cetera Investment Advisers lifted its stake in shares of Targa Resources by 215.2% during the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company's stock valued at $3,478,000 after buying an additional 21,200 shares in the last quarter. Cetera Advisors LLC lifted its stake in shares of Targa Resources by 166.9% during the 1st quarter. Cetera Advisors LLC now owns 6,453 shares of the pipeline company's stock valued at $723,000 after buying an additional 4,035 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Targa Resources by 15.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company's stock worth $111,000 after purchasing an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in Targa Resources by 34.4% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 851 shares of the pipeline company's stock worth $110,000 after purchasing an additional 218 shares in the last quarter. Finally, CWM LLC lifted its stake in Targa Resources by 9.5% in the 2nd quarter. CWM LLC now owns 4,999 shares of the pipeline company's stock worth $644,000 after purchasing an additional 432 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on TRGP. Stifel Nicolaus boosted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. Truist Financial upped their target price on shares of Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Morgan Stanley upped their target price 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. The Goldman Sachs Group upped their target price 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. Finally, Argus upgraded shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of "Buy" and a consensus target price of $176.50.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the business'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 sale, the insider now owns 82,979 shares of the company's stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,260 shares of company stock valued at $29,661,212. Corporate insiders own 1.44% of the company's stock.

Targa Resources Price Performance

Shares of NYSE TRGP traded down $1.68 during trading on Wednesday, hitting $195.45. The company had a trading volume of 1,338,408 shares, compared to its average volume of 1,653,675. The stock has a fifty day simple moving average of $175.99 and a two-hundred day simple moving average of $148.59. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The firm has a market capitalization of $42.62 billion, a price-to-earnings ratio of 35.62, 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.

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, beating the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates 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 last year, the business earned $0.97 earnings per share. On average, research analysts expect that Targa Resources Corp. will post 6.28 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. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources's dividend payout ratio is currently 54.25%.

Targa Resources Company 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.