Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Freemont Management S.A.

Freemont Management S.A. raised its stake in Targa Resources Corp. (NYSE:TRGP) by 335.3% during the third quarter, Holdings Channel.com reports. The firm owned 22,200 shares of the pipeline company’s stock after purchasing an additional 17,100 shares during the quarter. Targa Resources accounts for about 1.6% of Freemont Management S.A.’s portfolio, making the stock its 17th largest position. Freemont Management S.A.’s holdings in Targa Resources were worth $3,286,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Oppenheimer & Co. Inc. lifted its position in shares of Targa Resources by 54.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,166 shares of the pipeline company’s stock worth $469,000 after purchasing an additional 1,116 shares during the last quarter. Pinnacle Financial Partners Inc raised its stake in Targa Resources by 25.4% in the third quarter. Pinnacle Financial Partners Inc now owns 2,239 shares of the pipeline company’s stock valued at $331,000 after buying an additional 453 shares in the last quarter. Aigen Investment Management LP purchased a new stake in Targa Resources during the 3rd quarter worth about $528,000. Prime Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 4.0% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Targa Resources by 9.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,163 shares of the pipeline company’s stock valued at $76,693,000 after acquiring an additional 45,590 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $193.03 on Thursday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $197.14. The business’s 50-day moving average price is $160.77 and its 200 day moving average price is $139.48. 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 $42.09 billion, a P/E ratio of 34.91, a P/E/G ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, equities research analysts expect that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.55%. Targa Resources’s dividend payout ratio is currently 54.25%.

Analyst Upgrades and Downgrades

TRGP has been the subject of several recent analyst reports. 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. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Truist Financial increased their target price on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $159.14.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the 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 owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by corporate insiders.

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.