Targa Resources Corp. (NYSE:TRGP) Shares Bought by Merewether Investment Management LP

Merewether Investment Management LP boosted its stake in Targa Resources Corp. (NYSE:TRGP) by 14.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 855,593 shares of the pipeline company’s stock after purchasing an additional 107,900 shares during the quarter. Targa Resources comprises about 5.8% of Merewether Investment Management LP’s holdings, making the stock its 3rd biggest position. Merewether Investment Management LP owned 0.39% of Targa Resources worth $126,636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cetera Investment Advisers lifted its holdings in shares of Targa Resources by 215.2% in the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after purchasing an additional 21,200 shares in the last quarter. Cetera Advisors LLC grew its holdings in shares of Targa Resources by 166.9% during the first quarter. Cetera Advisors LLC now owns 6,453 shares of the pipeline company’s stock valued at $723,000 after buying an additional 4,035 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Targa Resources by 15.1% during the first quarter. EverSource Wealth Advisors LLC now owns 977 shares of the pipeline company’s stock worth $111,000 after acquiring an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Targa Resources by 34.4% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 851 shares of the pipeline company’s stock worth $110,000 after acquiring an additional 218 shares during the last quarter. Finally, CWM LLC lifted its position in Targa Resources by 9.5% in the 2nd quarter. CWM LLC now owns 4,999 shares of the pipeline company’s stock valued at $644,000 after acquiring an additional 432 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $197.00 on Wednesday. The company has a 50 day moving average of $175.99 and a 200 day moving average of $148.59. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $42.96 billion, a P/E ratio of 35.62, a P/E/G ratio of 0.77 and a beta of 2.28. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the business earned $0.97 earnings per share. As a group, sell-side analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Transactions at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 183,260 shares of company stock valued at $29,661,212 in the last quarter. Insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group upped their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Truist Financial raised their price target on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada upped their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $176.50.

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.