Assenagon Asset Management S.A. Acquires 19,902 Shares of Targa Resources Corp. (NYSE:TRGP)

Assenagon Asset Management S.A. lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 36.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 74,841 shares of the pipeline company’s stock after purchasing an additional 19,902 shares during the period. Assenagon Asset Management S.A.’s holdings in Targa Resources were worth $11,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Vanguard Group Inc. lifted its holdings in Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after buying an additional 201,817 shares during the period. Blackstone Inc. lifted its stake in shares of Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after purchasing an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 purchasing an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in 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 purchasing an additional 360,675 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the sale, the insider now directly owns 29,603 shares of the company’s stock, valued at $4,027,784.18. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,534 shares of company stock valued at $26,815,021. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $165.96 on Monday. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $169.92. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The firm has a market capitalization of $36.80 billion, a P/E ratio of 34.15, a PEG ratio of 1.28 and a beta of 2.25. The stock has a 50-day simple moving average of $152.97 and a two-hundred day simple moving average of $134.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the company posted $1.44 earnings per share. On average, equities analysts forecast that Targa Resources Corp. will post 5.92 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.81%. Targa Resources’s dividend payout ratio is presently 61.73%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Royal Bank of Canada raised their target price on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Scotiabank upped their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company raised their price objective on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $152.79.

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.