Candriam Luxembourg S.C.A. Purchases New Position in Targa Resources Corp. (NYSE:TRGP)

Candriam Luxembourg S.C.A. purchased a new stake in Targa Resources Corp. (NYSE:TRGP) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,167 shares of the pipeline company’s stock, valued at approximately $205,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Toth Financial Advisory Corp purchased a new stake in Targa Resources in the third quarter valued at $30,000. NEXT Financial Group Inc increased its stake in Targa Resources by 68.0% in the third quarter. NEXT Financial Group Inc now owns 630 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 255 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Targa Resources in the second quarter valued at $33,000. Harvest Fund Management Co. Ltd acquired a new position in Targa Resources in the second quarter valued at $38,000. Finally, IFP Advisors Inc increased its stake in Targa Resources by 156.7% in the third quarter. IFP Advisors Inc now owns 901 shares of the pipeline company’s stock valued at $45,000 after purchasing an additional 550 shares during the period. 86.94% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE TRGP opened at $57.78 on Friday. Targa Resources Corp. has a 12-month low of $26.65 and a 12-month high of $58.18. The company has a market capitalization of $13.23 billion, a PE ratio of 44.45 and a beta of 2.87. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.69 and a quick ratio of 0.58. The firm’s 50-day moving average is $53.44 and its two-hundred day moving average is $49.14.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, November 4th. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.25. Targa Resources had a net margin of 2.97% and a return on equity of 7.53%. The company had revenue of $4.46 billion for the quarter, compared to the consensus estimate of $3.61 billion. On average, analysts forecast that Targa Resources Corp. will post 1.84 EPS for the current fiscal year.

A number of research analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $64.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, December 16th. Truist Securities lifted their price objective on shares of Targa Resources from $54.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, November 8th. TheStreet upgraded shares of Targa Resources from a “c” rating to a “b-” rating in a research note on Monday, December 6th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $63.00 to $69.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 9th. Finally, Mizuho boosted their price target on shares of Targa Resources from $47.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 27th. Two equities research 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, the stock has an average rating of “Buy” and an average price target of $55.44.

In related news, EVP G Clark White sold 23,885 shares of the company’s stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $57.61, for a total transaction of $1,376,014.85. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $57.06, for a total transaction of $142,650.00. The disclosure for this sale can be found here. Insiders sold 49,896 shares of company stock worth $2,868,130 in the last ninety days. Insiders own 1.69% of the company’s stock.

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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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