Cinctive Capital Management LP Invests $3.06 Million in Targa Resources, Inc. $TRGP

Cinctive Capital Management LP bought a new stake in Targa Resources, Inc. (NYSE:TRGP) during the third quarter, HoldingsChannel reports. The fund bought 18,285 shares of the pipeline company’s stock, valued at approximately $3,063,000.

A number of other large investors have also added to or reduced their stakes in the company. Peoples Financial Services CORP. purchased a new position in shares of Targa Resources in the 3rd quarter worth about $34,000. Root Financial Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter valued at about $39,000. Avion Wealth raised its holdings in shares of Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares in the last quarter. First Horizon Corp bought a new stake in Targa Resources in the 3rd quarter worth approximately $47,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Targa Resources in the 2nd quarter worth approximately $53,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Lindsey Cooksen sold 435 shares of the company’s stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the transaction, the director owned 11,670 shares in the company, valued at approximately $2,704,172.40. This represents a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was 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 of the company’s stock, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 104,929 shares of company stock worth $24,692,134. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TRGP shares. The Goldman Sachs Group reiterated a “buy” rating and set a $242.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a report on Tuesday, February 24th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Royal Bank Of Canada increased their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Finally, UBS Group reiterated a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $241.93.

Targa Resources Stock Up 0.9%

Shares of NYSE TRGP opened at $240.24 on Monday. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $250.00. The firm has a market capitalization of $51.64 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 1.57 and a beta of 0.84. The firm has a fifty day simple moving average of $210.59 and a two-hundred day simple moving average of $183.31.

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

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 46.57%.

Targa Resources 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.