Entropy Technologies LP Buys 16,836 Shares of Targa Resources Corp. (NYSE:TRGP)

Entropy Technologies LP grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 78.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,425 shares of the pipeline company’s stock after acquiring an additional 16,836 shares during the quarter. Targa Resources comprises approximately 0.6% of Entropy Technologies LP’s portfolio, making the stock its 25th biggest position. Entropy Technologies LP’s holdings in Targa Resources were worth $5,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Oppenheimer & Co. Inc. boosted its position in shares of Targa Resources by 209.6% during the first quarter. Oppenheimer & Co. Inc. now owns 8,205 shares of the pipeline company’s stock valued at $919,000 after buying an additional 5,555 shares during the last quarter. US Bancorp DE boosted its position in shares of Targa Resources by 5.6% during the first quarter. US Bancorp DE now owns 20,923 shares of the pipeline company’s stock valued at $2,343,000 after buying an additional 1,113 shares during the last quarter. Bleakley Financial Group LLC boosted its position in shares of Targa Resources by 5.4% during the first quarter. Bleakley Financial Group LLC now owns 7,469 shares of the pipeline company’s stock valued at $836,000 after buying an additional 380 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Targa Resources by 5.5% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 20,618 shares of the pipeline company’s stock valued at $2,309,000 after buying an additional 1,066 shares during the last quarter. Finally, Rogco LP purchased a new position in Targa Resources in the first quarter worth about $56,000. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on TRGP shares. Wells Fargo & Company raised their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Barclays raised their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial lifted their target price on Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average target price of $159.14.

Targa Resources Price Performance

Shares of TRGP stock opened at $194.96 on Tuesday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $196.60. The stock has a market capitalization of $42.51 billion, a price-to-earnings ratio of 35.25, a P/E/G ratio of 1.49 and a beta of 2.24. The stock has a fifty day simple moving average of $158.92 and a two-hundred day simple moving average of $138.39. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping 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 business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the business earned $0.97 EPS. On average, analysts predict that Targa Resources Corp. will post 6.19 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.54%. Targa Resources’s payout ratio is presently 54.25%.

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.