Rhumbline Advisers increased its position in Targa Resources Corp. (NYSE:TRGP – Free Report) by 8.7% in the second quarter, HoldingsChannel reports. The firm owned 493,088 shares of the pipeline company’s stock after purchasing an additional 39,556 shares during the quarter. Rhumbline Advisers’ holdings in Targa Resources were worth $37,524,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP purchased a new position in Targa Resources during the first quarter valued at $33,000. Headlands Technologies LLC purchased a new position in Targa Resources during the first quarter valued at $36,000. Massmutual Trust Co. FSB ADV raised its stake in Targa Resources by 231.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 470 shares of the pipeline company’s stock valued at $36,000 after buying an additional 328 shares during the last quarter. BOKF NA purchased a new position in Targa Resources during the first quarter valued at $42,000. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Targa Resources by 42.1% in the 1st quarter. Brown Brothers Harriman & Co. now owns 658 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 195 shares in the last quarter. Hedge funds and other institutional investors own 90.21% of the company’s stock.
Insider Activity at Targa Resources
In related news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $90.03, for a total transaction of $900,300.00. Following the transaction, the insider now directly owns 187,021 shares in the company, valued at $16,837,500.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $90.03, for a total value of $900,300.00. Following the transaction, the insider now directly owns 187,021 shares in the company, valued at $16,837,500.63. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 2,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $90.00, for a total value of $180,000.00. Following the completion of the transaction, the chief accounting officer now owns 58,066 shares in the company, valued at $5,225,940. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
TRGP has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on Targa Resources from $106.00 to $114.00 and gave the stock an “overweight” rating in a report on Tuesday, August 29th. Citigroup lifted their target price on Targa Resources from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. Barclays lifted their target price on Targa Resources from $89.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. The Goldman Sachs Group initiated coverage on Targa Resources in a report on Thursday, October 5th. They issued a “buy” rating and a $101.00 target price for the company. Finally, Truist Financial lifted their target price on Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, November 6th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $104.00.
Check Out Our Latest Report on Targa Resources
Targa Resources Price Performance
NYSE TRGP opened at $84.94 on Tuesday. The company has a market capitalization of $18.94 billion, a PE ratio of 22.24 and a beta of 2.27. The company has a debt-to-equity ratio of 2.81, a quick ratio of 0.60 and a current ratio of 0.80. The business’s fifty day moving average is $85.10 and its 200 day moving average is $79.52. Targa Resources Corp. has a fifty-two week low of $64.85 and a fifty-two week high of $90.64.
Targa Resources Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Tuesday, October 31st will be given a dividend of $0.50 per share. The ex-dividend date is Monday, October 30th. This represents a $2.00 annualized dividend and a yield of 2.35%. Targa Resources’s dividend payout ratio (DPR) is presently 52.36%.
Targa Resources Profile
(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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.
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