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Targa Resources Target of Unusually Large Options Trading (NYSE:TRGP)

Last updated on Thursday, September 17, 2020 | 2020 MarketBeat

Targa Resources Corp (NYSE:TRGP) saw some unusual options trading on Wednesday. Stock traders bought 39,401 put options on the stock. This is an increase of 1,141% compared to the average daily volume of 3,175 put options.

In other news, Director Rene R. Joyce sold 40,364 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $20.46, for a total value of $825,847.44. Following the transaction, the director now directly owns 241,456 shares in the company, valued at approximately $4,940,189.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.54% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Blackstone Group Inc grew its holdings in shares of Targa Resources by 3,716.5% during the second quarter. Blackstone Group Inc now owns 9,858,217 shares of the pipeline company's stock worth $197,854,000 after buying an additional 9,599,915 shares in the last quarter. Brookfield Asset Management Inc. acquired a new stake in shares of Targa Resources during the second quarter worth about $81,554,000. Kayne Anderson Capital Advisors LP lifted its position in shares of Targa Resources by 40.6% during the second quarter. Kayne Anderson Capital Advisors LP now owns 8,422,871 shares of the pipeline company's stock worth $169,037,000 after purchasing an additional 2,432,598 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Targa Resources by 8,152.7% during the second quarter. First Trust Advisors LP now owns 1,645,009 shares of the pipeline company's stock worth $33,015,000 after purchasing an additional 1,625,076 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Targa Resources by 340.3% during the second quarter. Point72 Asset Management L.P. now owns 1,735,614 shares of the pipeline company's stock worth $34,834,000 after purchasing an additional 1,341,463 shares in the last quarter. Institutional investors own 80.94% of the company's stock.

Several research firms have weighed in on TRGP. UBS Group lifted their target price on Targa Resources from $19.00 to $24.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Mizuho lifted their target price on Targa Resources from $21.00 to $24.00 and gave the stock a "neutral" rating in a report on Wednesday, August 12th. Bank of America began coverage on Targa Resources in a report on Wednesday, August 19th. They issued a "buy" rating on the stock. JPMorgan Chase & Co. boosted their price target on Targa Resources from $19.00 to $24.00 and gave the company an "overweight" rating in a report on Wednesday, June 3rd. Finally, Morgan Stanley boosted their price target on Targa Resources from $14.00 to $18.00 and gave the company an "underweight" rating in a report on Friday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company. Targa Resources has an average rating of "Hold" and an average price target of $24.29.

NYSE TRGP opened at $16.15 on Thursday. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -1.93 and a beta of 2.98. Targa Resources has a twelve month low of $3.66 and a twelve month high of $43.29. The stock has a fifty day simple moving average of $17.89 and a 200 day simple moving average of $16.42. The company has a quick ratio of 0.76, a current ratio of 0.93 and a debt-to-equity ratio of 1.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $0.21 earnings per share for the quarter, topping the Zacks' consensus estimate of ($0.14) by $0.35. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.63 billion. Research analysts expect that Targa Resources will post 1.13 earnings per share for the current fiscal year.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

Further Reading: Black Swan

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