Renaissance Technologies LLC Lowers Stake in Targa Resources Corp. (NYSE:TRGP)

Renaissance Technologies LLC reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 5.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 761,200 shares of the pipeline company’s stock after selling 43,100 shares during the period. Renaissance Technologies LLC owned approximately 0.35% of Targa Resources worth $98,027,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. UMB Bank n.a. lifted its stake in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the period. Spire Wealth Management lifted its stake in shares of Targa Resources by 2,400.0% in the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 264 shares during the period. Whittier Trust Co. acquired a new stake in shares of Targa Resources in the 2nd quarter worth $44,000. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources in the 1st quarter worth $45,000. Finally, Quarry LP acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $50,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TRGP has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Barclays raised their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research note on Wednesday, July 3rd. Finally, Scotiabank raised their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a hold rating, twelve 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 an average rating of “Buy” and a consensus price target of $140.54.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $150.64 on Tuesday. The company has a market cap of $33.40 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $152.42. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a 50-day simple moving average of $139.49 and a 200-day simple moving average of $124.17.

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

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.99%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Gerald R. Shrader sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $25,504,736.20. 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 ninety days. 1.39% of the stock is currently owned by corporate insiders.

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.