Quarry LP Acquires 3,831 Shares of Targa Resources Corp. (NYSE:TRGP)

Quarry LP grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 305.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,084 shares of the pipeline company’s stock after acquiring an additional 3,831 shares during the period. Quarry LP’s holdings in Targa Resources were worth $752,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Caxton Associates LP bought a new position in shares of Targa Resources during the second quarter valued at $2,323,000. Cetera Investment Advisers raised its stake in Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after buying an additional 21,200 shares during the last quarter. Braun Stacey Associates Inc. bought a new position in Targa Resources during the third quarter worth $11,042,000. Metis Global Partners LLC raised its stake in Targa Resources by 12.7% during the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after buying an additional 2,890 shares during the last quarter. Finally, Prospera Financial Services Inc raised its stake in Targa Resources by 73.3% during the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after buying an additional 5,067 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TRGP. UBS Group lifted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Morgan Stanley lifted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Bank of America started coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Truist Financial lifted their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One equities research 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Stock Down 0.9 %

Shares of NYSE TRGP opened at $195.45 on Thursday. The stock has a market capitalization of $42.62 billion, a P/E ratio of 35.34, a P/E/G ratio of 0.78 and a beta of 2.28. The company has a 50-day moving average price of $176.79 and a 200-day moving average price of $148.92. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the company earned $0.97 earnings per share. On average, equities research analysts forecast that Targa Resources Corp. will post 6.28 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. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 183,260 shares of company stock worth $29,661,212. 1.39% of the stock is owned by insiders.

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.