Cinctive Capital Management LP Purchases New Shares in Targa Resources, Inc. $TRGP

Cinctive Capital Management LP purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,285 shares of the pipeline company’s stock, valued at approximately $3,063,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Peoples Financial Services CORP. bought a new position in shares of Targa Resources during the 3rd quarter worth approximately $34,000. Root Financial Partners LLC bought a new position in shares of Targa Resources in the third quarter valued at approximately $39,000. Avion Wealth increased its position in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares during the last quarter. First Horizon Corp purchased a new stake in shares of Targa Resources during the third quarter valued at approximately $47,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Targa Resources during the second quarter worth $53,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares in the company, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the sale, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. The trade was a 35.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 104,929 shares of company stock worth $24,692,134 in the last ninety days. Insiders own 1.34% of the company’s stock.

Targa Resources Stock Up 0.9%

TRGP stock opened at $240.24 on Monday. The stock has a fifty day moving average of $210.59 and a 200-day moving average of $183.31. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00. The company has a market capitalization of $51.64 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 1.57 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s payout ratio is 46.57%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Royal Bank Of Canada upped their price objective on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. Barclays reiterated an “overweight” rating and set a $226.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research report on Tuesday, February 24th. Finally, Citigroup raised their price objective on shares of Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $241.93.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.