Point72 DIFC Ltd Invests $5.15 Million in Targa Resources Corp. (NYSE:TRGP)

Point72 DIFC Ltd acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 34,798 shares of the pipeline company’s stock, valued at approximately $5,150,000.

Other hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted 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 valued at $296,647,000 after acquiring an additional 271,444 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Targa Resources by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after purchasing an additional 14,287 shares in the last quarter. Merewether Investment Management LP grew its stake in Targa Resources by 14.4% in the third quarter. Merewether Investment Management LP now owns 855,593 shares of the pipeline company’s stock valued at $126,636,000 after purchasing an additional 107,900 shares during the last quarter. Truist Financial Corp raised its holdings in Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Targa Resources by 2.9% during the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock valued at $120,540,000 after buying an additional 22,621 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Stifel Nicolaus lifted their price target 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 increased their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Wells Fargo & Company boosted their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus price target of $176.50.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $197.00 on Wednesday. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $209.87. The business’s 50 day moving average price is $175.99 and its 200 day moving average price is $148.59. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market cap of $42.96 billion, a P/E ratio of 35.62, a P/E/G ratio of 0.77 and a beta of 2.28.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS 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 business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the firm earned $0.97 EPS. On average, sell-side analysts expect that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.52%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 183,260 shares of company stock worth $29,661,212. Insiders own 1.44% of the company’s stock.

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.