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

DRW Securities LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the 3rd quarter, HoldingsChannel reports. The firm bought 2,446 shares of the pipeline company’s stock, valued at approximately $362,000.

Other hedge funds also recently added to or reduced their stakes in the company. Independent Advisor Alliance purchased a new stake in shares of Targa Resources during the third quarter worth about $977,000. Harvest Fund Management Co. Ltd grew its position in Targa Resources by 14.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 7,066 shares of the pipeline company’s stock worth $1,046,000 after purchasing an additional 877 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Targa Resources during the 3rd quarter valued at approximately $2,028,000. Fisher Asset Management LLC purchased a new position in shares of Targa Resources in the third quarter worth $318,000. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Targa Resources by 18.6% during the third quarter. Daiwa Securities Group Inc. now owns 38,723 shares of the pipeline company’s stock worth $5,731,000 after buying an additional 6,077 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

NYSE TRGP opened at $203.42 on Wednesday. The stock 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 of $171.40 and a 200 day moving average of $145.62. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87.

Targa Resources (NYSE:TRGP) last announced 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 the consensus estimate of $4.24 billion. During the same period in the prior year, the company posted $0.97 EPS. Sell-side analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 over the last 90 days. Corporate insiders own 1.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TRGP shares. Wells Fargo & Company raised their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Morgan Stanley upped 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. Bank of America began coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $176.50.

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.