Kornitzer Capital Management Inc. KS Purchases 15,260 Shares of Targa Resources, Inc. $TRGP

Kornitzer Capital Management Inc. KS grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 234.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 made changes to their positions in TRGP. Plancorp LLC acquired a new stake in Targa Resources during the third quarter worth about $191,000. Alps Advisors Inc. raised its position in Targa Resources by 4.2% during the third quarter. Alps Advisors Inc. now owns 135,417 shares of the pipeline company’s stock valued at $36,605,000 after acquiring an additional 5,489 shares in the last quarter. Heritage Family Offices LLP purchased a new position in Targa Resources during the third quarter valued at approximately $140,000. Alta Advisers Ltd lifted its holdings in Targa Resources by 91.1% in the third quarter. Alta Advisers Ltd now owns 1,571 shares of the pipeline company’s stock valued at $425,000 after acquiring an additional 749 shares during the period. Finally, Glaxis Capital Management LLC acquired a new position in Targa Resources in the third quarter valued at approximately $270,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Targa Resources

In other news, Director Charles R. 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 value of $870,690.00. Following the sale, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’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 owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,216 shares of company stock worth $2,127,634 in the last 90 days. Insiders own 1.37% of the company’s stock.

Targa Resources Trading Up 0.0%

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

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.30. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $4.77 billion. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 11.51 EPS for the current fiscal 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 issued a dividend of $1.25 per share. The ex-dividend date is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Key Stories Impacting Targa Resources

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TRGP shares. Jefferies Financial Group decreased their target price on shares of Targa Resources from $326.00 to $311.00 and set a “buy” rating for the company in a research note on Friday. The Goldman Sachs Group restated a “buy” rating and set a $322.00 price target on shares of Targa Resources in a research report on Tuesday, October 13th. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $325.58.

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.