Harvest Fund Management Co. Ltd boosted its position in Targa Resources Corp. (NYSE:TRGP – Free Report) by 14.2% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 7,066 shares of the pipeline company’s stock after purchasing an additional 877 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Targa Resources were worth $1,046,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of TRGP. DT Investment Partners LLC acquired a new stake in Targa Resources during the third quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the second quarter worth approximately $29,000. UMB Bank n.a. lifted its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Targa Resources during the third quarter worth approximately $35,000. Finally, Whittier Trust Co. acquired a new stake in Targa Resources during the second quarter worth approximately $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.
Targa Resources Stock Performance
Shares of NYSE:TRGP opened at $201.10 on Tuesday. The company’s 50 day simple moving average is $170.38 and its 200 day simple moving average is $144.99. The stock has a market capitalization of $43.85 billion, a price-to-earnings ratio of 36.37, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. 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 Corp. has a 1 year low of $81.03 and a 1 year high of $209.87.
Targa Resources Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.49%. Targa Resources’s dividend payout ratio is currently 54.25%.
Insider Transactions at Targa Resources
In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have issued reports on TRGP shares. Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Barclays raised their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Stifel Nicolaus raised their target price 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. Finally, Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $176.50.
Get Our Latest Stock Analysis on Targa Resources
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.
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