Aigen Investment Management LP Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

Aigen Investment Management LP purchased a new position in Targa Resources Corp. (NYSE:TRGP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,565 shares of the pipeline company’s stock, valued at approximately $528,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources during the second quarter worth approximately $72,345,000. American Century Companies Inc. raised its holdings in Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after buying an additional 557,832 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after buying an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares during the last quarter. Finally, Blackstone Inc. increased its position in shares of Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on TRGP shares. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Scotiabank raised their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Barclays raised their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Truist Financial upped their price objective on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $159.14.

Insider Buying and Selling

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. Company insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 0.7 %

NYSE:TRGP opened at $193.03 on Thursday. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14. 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 firm’s 50 day moving average is $160.77 and its 200 day moving average is $139.48. The stock has a market capitalization of $42.09 billion, a PE ratio of 34.91, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Sell-side analysts expect that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Targa Resources Company 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.