Point72 Asia Singapore Pte. Ltd. Increases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Point72 Asia Singapore Pte. Ltd. boosted its position in Targa Resources Corp. (NYSE:TRGP) by 61,228.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,293 shares of the pipeline company’s stock after purchasing an additional 4,286 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in Targa Resources were worth $635,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the second quarter worth about $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources in the third quarter worth about $29,000. UMB Bank n.a. raised its stake in shares of Targa Resources by 2,220.0% in the second 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 period. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the third quarter worth about $35,000. Finally, Whittier Trust Co. bought a new position in shares of Targa Resources in the second quarter worth about $44,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on 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 directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 in the last quarter. 1.39% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TRGP shares. Stifel Nicolaus lifted their target price on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Truist Financial lifted their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One investment 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $176.50.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $204.30 on Monday. The stock has a market cap of $44.55 billion, a price-to-earnings ratio of 36.94, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $174.40 and a 200-day moving average price of $147.48. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87.

Targa Resources (NYSE:TRGP) last announced its 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 return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the business earned $0.97 EPS. Equities analysts expect that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources’s 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.