Quadrature Capital Ltd Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Quadrature Capital Ltd cut its holdings in shares of Targa Resources Corp. (NYSE:TRGPFree Report) by 74.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,141 shares of the pipeline company’s stock after selling 65,693 shares during the quarter. Quadrature Capital Ltd’s holdings in Targa Resources were worth $2,010,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TRGP. Deutsche Bank AG lifted its stake in Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the last quarter. Norges Bank purchased a new position in Targa Resources in the 4th quarter worth approximately $187,123,000. Truist Financial Corp lifted its position in Targa Resources by 11,513.7% in the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock valued at $54,555,000 after purchasing an additional 630,949 shares during the last quarter. Morgan Stanley boosted its stake in shares of Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the period. Finally, abrdn plc grew its holdings in shares of Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock worth $42,125,000 after purchasing an additional 431,156 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now directly owns 95,471 shares of the company’s stock, valued at $10,744,306.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,691 shares of company stock valued at $3,693,763. 1.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price target on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a report on Thursday, May 16th. Citigroup raised their target price on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Barclays upped their price target on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Truist Financial upped their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $122.75.

Get Our Latest Analysis on Targa Resources

Targa Resources Trading Up 0.0 %

Shares of NYSE TRGP opened at $118.01 on Monday. Targa Resources Corp. has a 1 year low of $69.44 and a 1 year high of $119.68. The firm has a 50-day moving average of $114.99 and a 200 day moving average of $100.20. The stock has a market cap of $26.17 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 0.69 and a beta of 2.21. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGPGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.28 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.33 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is currently 61.73%.

About Targa Resources

(Free Report)

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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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