Targa Resources Corp. (NYSE:TRGP) Shares Bought by Tidal Investments LLC

Tidal Investments LLC raised its stake in Targa Resources Corp. (NYSE:TRGP) by 326.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,572 shares of the pipeline company’s stock after buying an additional 10,388 shares during the period. Tidal Investments LLC’s holdings in Targa Resources were worth $2,009,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of TRGP. Wellington Management Group LLP grew its stake in Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Targa Resources in the second quarter valued at $72,345,000. American Century Companies Inc. grew its position in Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after acquiring an additional 557,832 shares during the period. Dimensional Fund Advisors LP increased its position in Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after buying an additional 259,776 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on 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 transaction, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 183,260 shares of company stock worth $29,661,212. 1.39% of the stock is currently owned by insiders.

Targa Resources Stock Down 0.7 %

Shares of Targa Resources stock opened at $183.39 on Tuesday. The business has a 50-day moving average price of $182.56 and a 200 day moving average price of $153.25. 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 cap of $39.99 billion, a P/E ratio of 33.16, a P/E/G ratio of 0.73 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) last issued its quarterly 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 business had revenue of $3.85 billion during 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 period in the previous year, the business earned $0.97 EPS. On average, sell-side analysts forecast that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.64%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research reports. Royal Bank of Canada raised their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Truist Financial reduced their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday. Stifel Nicolaus increased their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $176.14.

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.