Targa Resources Corp. (NYSE:TRGP) Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 5.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 761,200 shares of the pipeline company’s stock after selling 43,100 shares during the period. Renaissance Technologies LLC’s holdings in Targa Resources were worth $98,027,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. 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 valued at $30,000 after buying an additional 222 shares in the last quarter. Spire Wealth Management lifted its position in Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after buying an additional 264 shares in the last quarter. Whittier Trust Co. acquired a new position in Targa Resources during the second quarter valued at approximately $44,000. Register Financial Advisors LLC acquired a new position in shares of Targa Resources during the first quarter worth $45,000. Finally, Rogco LP acquired a new position in shares of Targa Resources during the first quarter worth $56,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. UBS Group boosted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus target price of $140.54.

Targa Resources Stock Up 1.7 %

TRGP stock opened at $150.64 on Tuesday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $152.42. The firm has a fifty day moving average price of $139.49 and a two-hundred day moving average price of $124.17. The firm has a market cap of $33.40 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 1.16 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the previous year, the firm earned $1.44 earnings per share. Research analysts predict that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 1.99%. Targa Resources’s payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’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 sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated 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 owns 174,451 shares in the company, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The disclosure for this sale can be found here. Insiders sold a total of 35,534 shares of company stock worth $4,788,590 over the last 90 days. Insiders own 1.39% of the company’s stock.

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.