15,260 Targa Resources, Inc. $TRGP Shares Purchased by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS boosted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 234.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,760 shares of the pipeline company’s stock after acquiring an additional 15,260 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Targa Resources were worth $5,882,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TRGP. First Eagle Investment Management LLC grew its position in shares of Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 80 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Targa Resources in the 2nd quarter worth approximately $32,000. Compass Financial Management LLC purchased a new position in Targa Resources in the 2nd quarter worth approximately $33,000. CoreCap Advisors LLC boosted its stake in Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 91 shares during the period. Finally, Virtus Advisers LLC bought a new position in Targa Resources in the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $264.65 on Monday. Targa Resources, Inc. has a 12-month low of $166.18 and a 12-month high of $316.60. The company has a current ratio of 0.74, a quick ratio of 0.66 and a debt-to-equity ratio of 4.87. The firm has a 50-day moving average price of $289.31 and a 200-day moving average price of $261.35. The firm has a market capitalization of $56.78 billion, a PE ratio of 23.42, a price-to-earnings-growth ratio of 1.09 and a beta of 0.76.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.74 by $0.30. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. As a group, equities research analysts forecast that Targa Resources, Inc. will post 11.51 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. Scotiabank reissued an “outperform” rating and issued a $319.00 target price on shares of Targa Resources in a report on Thursday, October 15th. Truist Financial restated a “buy” rating and set a $345.00 target price (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. Wells Fargo & Company raised their target price on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. TD Cowen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and lifted their price target for the company from $275.00 to $350.00 in a report on Friday, September 18th. Finally, Weiss Ratings upgraded shares of Targa Resources from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Thursday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $325.58.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles Crisp sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the transaction, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director S Davis sold 2,400 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. This trade represents a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,216 shares of company stock worth $2,127,634 over the last three months. 1.37% of the stock is owned by corporate insiders.

More Targa Resources News

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Third-quarter adjusted earnings were $3.04 per share, above analyst estimates of roughly $2.74–$2.81 and up from $2.20 a year earlier. Revenue reached $5.60 billion, also topping estimates. Q3 earnings and revenue beat estimates
• Positive Sentiment: Targa expects its 2027 common dividend to increase 20%, and declared a $1.25 dividend, reinforcing the company’s cash-return outlook. Quarterly results and dividend outlook
• Positive Sentiment: The company ordered equipment for a plant expansion and announced Train 14, a new natural gas liquids fractionator. The projects could add capacity and support future growth. Plant expansion and Train 14 announcement
• Negative Sentiment: Despite the earnings beat and dividend news, TRGP shares declined around the results. One report noted a sharp drop on the SEC filing day, but the coverage provided no clear explanation for the selling. Stock movement around filing day

Targa Resources Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.