65,730 Shares in Targa Resources Corp. (NYSE:TRGP) Bought by Weiss Asset Management LP

Weiss Asset Management LP bought a new position in Targa Resources Corp. (NYSE:TRGP - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 65,730 shares of the pipeline company's stock, valued at approximately $9,729,000.

Several other hedge funds and other institutional investors have also modified their holdings of TRGP. SYM FINANCIAL Corp boosted its holdings in shares of Targa Resources by 2.6% in the 3rd quarter. SYM FINANCIAL Corp now owns 6,204 shares of the pipeline company's stock worth $918,000 after acquiring an additional 156 shares in the last quarter. Quantinno Capital Management LP lifted its position in Targa Resources by 22.4% during the 3rd quarter. Quantinno Capital Management LP now owns 33,549 shares of the pipeline company's stock worth $4,966,000 after buying an additional 6,131 shares in the last quarter. Quarry LP grew its holdings in Targa Resources by 305.7% during the 3rd quarter. Quarry LP now owns 5,084 shares of the pipeline company's stock worth $752,000 after acquiring an additional 3,831 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in Targa Resources in the 3rd quarter valued at about $5,150,000. Finally, Merewether Investment Management LP lifted its position in shares of Targa Resources by 14.4% during the third quarter. Merewether Investment Management LP now owns 855,593 shares of the pipeline company's stock worth $126,636,000 after purchasing an additional 107,900 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction that occurred on 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 transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock valued at $29,661,212 in the last quarter. Company insiders own 1.39% of the company's stock.

Targa Resources Stock Performance

NYSE:TRGP traded down $3.99 during mid-day trading on Friday, hitting $194.34. The stock had a trading volume of 1,355,183 shares, compared to its average volume of 1,650,009. The company's 50 day simple moving average is $177.83 and its 200 day simple moving average is $149.27. The stock has a market cap of $42.38 billion, a price-to-earnings ratio of 35.08, a PEG ratio of 0.78 and a beta of 2.28. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data 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 net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the firm earned $0.97 earnings per share. On average, equities research analysts forecast that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have weighed in on TRGP. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Truist Financial lifted their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Royal Bank of Canada increased their price target on Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Finally, Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. One 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 data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target 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.