Paloma Partners Management Co Grows Position in Targa Resources Corp. (NYSE:TRGP)

Paloma Partners Management Co lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 51.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 11,443 shares of the pipeline company’s stock after acquiring an additional 3,869 shares during the period. Paloma Partners Management Co’s holdings in Targa Resources were worth $1,694,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. boosted its holdings in shares of Targa Resources by 61,228.6% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,293 shares of the pipeline company’s stock valued at $635,000 after buying an additional 4,286 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Targa Resources during the third quarter worth about $21,783,000. Erste Asset Management GmbH bought a new stake in Targa Resources during the third quarter worth about $1,336,000. Edgestream Partners L.P. grew its holdings in Targa Resources by 32.3% in the third quarter. Edgestream Partners L.P. now owns 50,374 shares of the pipeline company’s stock worth $7,456,000 after purchasing an additional 12,301 shares during the period. Finally, Point72 Europe London LLP bought a new position in shares of Targa Resources during the third quarter valued at approximately $13,182,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TRGP. Bank of America started coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. UBS Group lifted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, 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. One 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 company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $176.50.

Insider Activity

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business’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 completion of the sale, the chief accounting officer now 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 document filed with the SEC, which is accessible through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was 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. The trade was a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock valued at $29,661,212 in the last 90 days. Company insiders own 1.44% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $194.62 on Tuesday. The firm has a fifty day simple moving average of $175.18 and a two-hundred day simple moving average of $148.04. The firm has a market cap of $42.44 billion, a PE ratio of 35.19, a P/E/G ratio of 0.80 and a beta of 2.28. 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 Corp. has a 1-year low of $81.03 and a 1-year high of $209.87.

Targa Resources (NYSE:TRGP) last posted its earnings results 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. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the company earned $0.97 earnings per share. On average, equities analysts anticipate that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Announces Dividend

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 dividend of $0.75 per share. 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 is presently 54.25%.

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.