Targa Resources, Inc. $TRGP Shares Sold by Squarepoint Ops LLC

Squarepoint Ops LLC cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 77.0% during the second quarter, Holdings Channel reports. The firm owned 48,263 shares of the pipeline company’s stock after selling 161,843 shares during the quarter. Squarepoint Ops LLC’s holdings in Targa Resources were worth $12,941,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Baird Financial Group Inc. grew its holdings in shares of Targa Resources by 10.1% in the second quarter. Baird Financial Group Inc. now owns 3,543 shares of the pipeline company’s stock valued at $950,000 after purchasing an additional 326 shares in the last quarter. Allworth Financial LP boosted its position in Targa Resources by 8.1% in the 2nd quarter. Allworth Financial LP now owns 2,934 shares of the pipeline company’s stock valued at $787,000 after buying an additional 220 shares during the period. Arizona State Retirement System grew its stake in shares of Targa Resources by 2.9% in the second quarter. Arizona State Retirement System now owns 60,047 shares of the pipeline company’s stock worth $16,101,000 after acquiring an additional 1,717 shares in the last quarter. Empirical Finance LLC grew its stake in shares of Targa Resources by 6.9% in the second quarter. Empirical Finance LLC now owns 4,488 shares of the pipeline company’s stock worth $1,203,000 after acquiring an additional 288 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Targa Resources during the second quarter worth $33,314,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley lifted their target price on Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Royal Bank Of Canada increased their price target on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Truist Financial upped their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Finally, Mizuho lifted their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $301.18.

Targa Resources Trading Down 1.0%

NYSE TRGP opened at $291.44 on Thursday. The firm’s fifty day moving average is $279.09 and its two-hundred day moving average is $261.35. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market cap of $62.49 billion, a PE ratio of 27.86, a P/E/G ratio of 1.39 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Analysts expect that Targa Resources, Inc. will post 11.29 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by corporate insiders.

Targa Resources Profile

Targa Resources Corp. (NYSE: TRGP) is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.