Dynamic Technology Lab Private Ltd Buys New Position in Targa Resources Corp. (NYSE:TRGP)

Dynamic Technology Lab Private Ltd purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,701 shares of the pipeline company’s stock, valued at approximately $2,028,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the 3rd quarter valued at $29,000. UMB Bank n.a. raised its stake in shares of 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 purchasing an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources in the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources during the second quarter valued at about $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 3.0 %

TRGP stock opened at $201.10 on Tuesday. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The stock has a market cap of $43.85 billion, a price-to-earnings ratio of 36.37, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company’s 50 day moving average is $170.38 and its 200 day moving average is $144.99.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. Sell-side analysts predict that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated 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. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of Targa Resources 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 completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TRGP shares. Royal Bank of Canada raised their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Truist Financial increased their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $176.50.

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.