Point72 Asia Singapore Pte. Ltd. Raises Stake in Targa Resources Corp. (NYSE:TRGP)

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

A number of other institutional investors have also recently made changes to their positions in TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $29,000. UMB Bank n.a. boosted its stake in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $35,000. Finally, Whittier Trust Co. purchased a new stake in shares of Targa Resources during the second quarter valued at approximately $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TRGP shares. Royal Bank of Canada increased their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Barclays upped their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Bank of America began coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. UBS Group upped their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, The Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. One 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $204.30 on Monday. 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. The business has a fifty day moving average price of $174.40 and a 200-day moving average price of $147.48. The company has a market capitalization of $44.55 billion, a PE ratio of 36.94, a PEG ratio of 0.80 and a beta of 2.24.

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 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 firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the company earned $0.97 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders 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 annualized dividend and a dividend yield of 1.47%. Targa Resources’s payout ratio is presently 54.25%.

Insider Activity

In related 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 transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction 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 sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at $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. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last three months. 1.39% of the stock is currently 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.