Trexquant Investment LP Purchases 1,629 Shares of Targa Resources Corp. (NYSE:TRGP)

Trexquant Investment LP boosted its position in Targa Resources Corp. (NYSE:TRGP) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 76,112 shares of the pipeline company’s stock after acquiring an additional 1,629 shares during the period. Trexquant Investment LP’s holdings in Targa Resources were worth $13,586,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TRGP. D.A. Davidson & CO. grew its stake in shares of Targa Resources by 8.8% in the third quarter. D.A. Davidson & CO. now owns 4,952 shares of the pipeline company’s stock worth $733,000 after purchasing an additional 402 shares during the last quarter. Townsquare Capital LLC purchased a new stake in Targa Resources in the 3rd quarter worth approximately $329,000. Erste Asset Management GmbH bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $1,336,000. Paloma Partners Management Co increased its stake in shares of Targa Resources by 51.1% during the third quarter. Paloma Partners Management Co now owns 11,443 shares of the pipeline company’s stock valued at $1,694,000 after buying an additional 3,869 shares during the period. Finally, Centiva Capital LP purchased a new position in shares of Targa Resources during the third quarter valued at approximately $1,039,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TRGP shares. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Truist Financial increased their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, Barclays lifted their price objective on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $211.00.

Insiders Place Their Bets

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $203.16 on Wednesday. The stock’s 50 day moving average is $198.72 and its 200 day moving average is $186.09. The company has a market capitalization of $44.31 billion, a P/E ratio of 35.39, a PEG ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.48%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

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.