Squarepoint Ops LLC Cuts Position in Targa Resources, Inc. $TRGP

Key Points

• Squarepoint Ops LLC cut its Targa Resources position by 77% in the second quarter, selling 161,843 shares and retaining 48,263 shares worth approximately $12.9 million. Institutional investors collectively own 92.13% of TRGP.
• Targa Resources reported quarterly earnings of $3.54 per share, exceeding the $2.83 analyst consensus, while revenue of $4.44 billion fell short of the $4.90 billion estimate. The company maintains a quarterly dividend of $1.25, equivalent to a 1.7% yield.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $301.18, compared with the stock’s reported price of $291.44. However, company insiders sold 7,216 shares worth about $2.1 million over the prior 90 days.

Squarepoint Ops LLC decreased its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 77.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,263 shares of the pipeline company's stock after selling 161,843 shares during the quarter. Squarepoint Ops LLC's holdings in Targa Resources were worth $12,941,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. First Eagle Investment Management LLC grew its stake in Targa Resources by 381.0% in the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock valued at $27,000 after acquiring an additional 80 shares during the period. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG purchased a new stake in Targa Resources in the 4th quarter worth $31,000. Finally, Jones Financial Companies Lllp acquired a new position in Targa Resources during the second quarter worth $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 1.0%

Shares of NYSE TRGP opened at $291.44 on Thursday. The company has a market capitalization of $62.49 billion, a P/E ratio of 27.86, a P/E/G ratio of 1.39 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a 50 day simple moving average of $279.09 and a 200-day simple moving average of $261.35. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 11.29 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's payout ratio is 47.80%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Paul Chung sold 1,816 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director owned 44,000 shares of the company's stock, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles Crisp sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares in the company, valued at $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 7,216 shares of company stock valued at $2,127,634 over the last 90 days. 1.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TRGP shares. Barclays lifted their target price on shares of Targa Resources from $282.00 to $284.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Wells Fargo & Company raised their price target 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. US Capital Advisors cut Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Mizuho boosted their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Finally, Truist Financial increased their target price on Targa Resources from $289.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $301.18.

Targa Resources Company Profile

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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