Quadrature Capital Ltd Acquires Shares of 8,928 Targa Resources Corp. (NYSE:TRGP)

Posted by Defense World Staff on Mar 12th, 2023

Quadrature Capital Ltd bought a new position in Targa Resources Corp. (NYSE:TRGP – Get Rating) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 8,928 shares of the pipeline company’s stock, valued at approximately $540,000.

Several other institutional investors also recently modified their holdings of TRGP. Lavaca Capital LLC lifted its stake in Targa Resources by 252.5% in the third quarter. Lavaca Capital LLC now owns 28,200 shares of the pipeline company’s stock valued at $1,702,000 after purchasing an additional 20,200 shares during the last quarter. Federated Hermes Inc. increased its holdings in Targa Resources by 2.9% in the 3rd quarter. Federated Hermes Inc. now owns 328,628 shares of the pipeline company’s stock worth $19,829,000 after acquiring an additional 9,341 shares during the last quarter. First Trust Advisors LP raised its stake in Targa Resources by 195.5% in the 3rd quarter. First Trust Advisors LP now owns 1,004,638 shares of the pipeline company’s stock valued at $60,620,000 after acquiring an additional 664,704 shares during the period. Financial Advocates Investment Management purchased a new stake in Targa Resources during the third quarter valued at about $308,000. Finally, Bank of New York Mellon Corp boosted its position in Targa Resources by 6.5% during the third quarter. Bank of New York Mellon Corp now owns 2,687,870 shares of the pipeline company’s stock worth $162,187,000 after purchasing an additional 163,707 shares during the period. 88.29% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. UBS Group cut their price target on Targa Resources from $107.00 to $106.00 and set a “buy” rating for the company in a report on Thursday, December 15th. Seaport Res Ptn reiterated a “buy” rating on shares of Targa Resources in a research note on Thursday, February 16th. Scotiabank started coverage on Targa Resources in a research note on Thursday, March 2nd. They issued an “outperform” rating and a $115.00 target price for the company. Finally, Truist Financial upped their price target on Targa Resources from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, November 28th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $97.91.

Targa Resources Stock Down 2.2 %

Shares of NYSE:TRGP opened at $73.55 on Friday. The firm has a market capitalization of $16.67 billion, a PE ratio of 18.91 and a beta of 2.29. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.64 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $55.56 and a 52-week high of $81.50. The firm has a fifty day moving average of $74.98 and a 200 day moving average of $71.19.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 31st were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Monday, January 30th. Targa Resources’s payout ratio is currently 35.99%.

Targa Resources Company Profile

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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.