DRW Securities LLC Invests $362,000 in Targa Resources Corp. (NYSE:TRGP)

DRW Securities LLC purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,446 shares of the pipeline company’s stock, valued at approximately $362,000.

Several other institutional investors have also added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter valued at $29,000. UMB Bank n.a. grew 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 buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. purchased a new stake in shares of Targa Resources during the 2nd quarter valued at about $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.2 %

Shares of NYSE TRGP opened at $203.42 on Wednesday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The firm has a market capitalization of $44.36 billion, a price-to-earnings ratio of 36.78, a PEG ratio of 0.80 and a beta of 2.24. The stock has a 50 day moving average price of $171.40 and a 200 day moving average price of $145.62. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

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. 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 prior year, the business earned $0.97 EPS. Sell-side analysts expect that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 2,500 shares of the business’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 completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,760 shares of company stock worth $30,026,712. 1.44% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent research reports. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Truist Financial lifted their target price on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company raised their price target on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, UBS Group boosted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources 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.