Teachers Retirement System of The State of Kentucky increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 6.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,800 shares of the pipeline company’s stock after acquiring an additional 1,800 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Targa Resources were worth $1,565,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in TRGP. First Horizon Advisors Inc. lifted its position in shares of Targa Resources by 10.6% during the third quarter. First Horizon Advisors Inc. now owns 2,305 shares of the pipeline company’s stock worth $113,000 after purchasing an additional 220 shares in the last quarter. NEXT Financial Group Inc increased its stake in shares of Targa Resources by 68.0% during the third quarter. NEXT Financial Group Inc now owns 630 shares of the pipeline company’s stock worth $31,000 after buying an additional 255 shares during the period. Estate Counselors LLC increased its stake in shares of Targa Resources by 0.8% during the third quarter. Estate Counselors LLC now owns 32,725 shares of the pipeline company’s stock worth $1,610,000 after buying an additional 260 shares during the period. Advisory Services Network LLC increased its stake in Targa Resources by 5.7% in the third quarter. Advisory Services Network LLC now owns 9,223 shares of the pipeline company’s stock valued at $454,000 after purchasing an additional 496 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in Targa Resources by 5.8% in the third quarter. CIBC Asset Management Inc now owns 9,508 shares of the pipeline company’s stock valued at $468,000 after purchasing an additional 522 shares during the last quarter. 86.94% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts recently weighed in on the company. Wells Fargo & Company increased their price target on Targa Resources from $64.00 to $69.00 and gave the stock an “overweight” rating in a report on Thursday, December 16th. Raymond James lifted their price objective on Targa Resources from $65.00 to $67.00 and gave the stock a “strong-buy” rating in a research report on Friday, November 5th. TheStreet upgraded Targa Resources from a “c” rating to a “b-” rating in a report on Monday, December 6th. Credit Suisse Group lifted their price target on Targa Resources from $60.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, November 10th. Finally, Truist Securities lifted their price objective on Targa Resources from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, November 8th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $55.44.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, November 4th. The pipeline company reported $0.66 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.25. Targa Resources had a return on equity of 7.53% and a net margin of 2.97%. The company had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $3.61 billion. Analysts anticipate that Targa Resources Corp. will post 1.84 EPS for the current year.
In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $57.06, for a total transaction of $142,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rene R. Joyce sold 20,000 shares of Targa Resources stock in a transaction on Tuesday, November 9th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,896 shares of company stock valued at $2,868,130. 1.69% of the stock is currently owned by insiders.
Targa Resources Profile
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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