Centiva Capital LP Acquires Shares of 7,020 Targa Resources Corp. (NYSE:TRGP)

Centiva Capital LP acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the third quarter, Holdings Channel.com reports. The fund acquired 7,020 shares of the pipeline company’s stock, valued at approximately $1,039,000.

Other institutional investors have also made changes to their positions in the company. Zurich Insurance Group Ltd FI acquired a new position in Targa Resources in the 2nd quarter worth $72,345,000. American Century Companies Inc. lifted its stake in shares of Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in Targa Resources by 599.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after purchasing an additional 246,762 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Targa Resources by 14,163.5% during the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after purchasing an additional 202,822 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TRGP shares. Truist Financial increased their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Wells Fargo & Company lifted their price target 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, Royal Bank of Canada upped 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. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $176.50.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 183,260 shares of company stock worth $29,661,212. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $198.32 on Friday. 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 company has a market cap of $43.25 billion, a P/E ratio of 35.86, a PEG ratio of 0.78 and a beta of 2.28. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87. The stock has a fifty day moving average price of $177.83 and a 200 day moving average price of $149.27.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for 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 quarter last year, the company earned $0.97 EPS. On average, research analysts forecast that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm 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 of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

About Targa Resources

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.