Targa Resources Corp. (NYSE:TRGP) Short Interest Up 85.3% in October

Targa Resources Corp. (NYSE:TRGP – Get Rating) saw a surge in short-term interest in October. As of October 15, there was short interest totaling 7,210,000 shares, an increase of 85.3% from the total of 3,890,000 shares as of September 30. Currently, 3.2% of the stock’s shares are sold short. Based on an average trading volume of 2,400,000 shares, the short-term interest rate ratio is currently 3.0 days.

Analyst upgrades and downgrades

Several equity analysts have published reports on the stock. StockNews.com took over coverage of Targa Resources stocks in a Wednesday, October 12 research report. They issued a “hold” rating for the company. Goldman Sachs Group reworded a “buy” rating and issued a $93.00 price target on Targa Resources shares in a research report on Thursday, September 8. Royal Bank of Canada raised its price target on Targa Resources shares from $90.00 to $100.00 and gave the company an “outperform” rating in a Tuesday, July 12 research report. Barclays lowered its price target on Targa Resources shares from $92.00 to $87.00 and set an “overweight” rating for the company in a Wednesday, July 20 research report. Finally, Morgan Stanley raised its price target on Targa Resources shares from $105.00 to $108.00 and gave the company an “overweight” rating in a Wednesday, October 19 research report. One financial analyst gave the stock a hold rating, eleven issued a buy rating and one gave the company’s stock a strong buy rating. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $83.08.

Targa Resources Stock down 0.6%

NYSE TRGP was down $0.39 on Friday, hitting $67.16. 1,193,300 shares of the company were traded, against an average volume of 4,408,162. The company has a market capitalization of $15.22 billion, a PE ratio of 76.32 and a beta of 2.37. Targa Resources has a 12-month low of $47.57 and a 12-month high of $81.50. The stock has a fifty-day moving average of $66.93 and a 200-day moving average of $67.87. The company has a current ratio of 0.69, a quick ratio of 0.62 and a debt ratio of 1.60.

Targa Resources Inc (NYSE:TRGP – Get Rating) last released its results on Thursday, August 4. The pipeline company reported earnings per share (EPS) of $1.61 for the quarter, beating the consensus estimate of $1.06 by $0.55. The company posted revenue of $6.06 billion for the quarter, versus analyst estimates of $5.88 billion. Targa Resources had a net margin of 2.39% and a return on equity of 20.05%. As a group, analysts expect Targa Resources to post earnings per share of 4.54 for the current year.

Targa Resources announces dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 15. Shareholders of record on Monday, October 31 will receive a dividend of $0.35. This represents a dividend of $1.40 on an annualized basis and a dividend yield of 2.08%. The ex-dividend date is Friday, October 28. The dividend payout ratio (DPR) of Targa Resources is 159.09%.

Insider Trading at Targa Resources

In related news, insider Regina Gregory sold 6,494 shares of the company in a trade that took place on Wednesday, August 10. The shares were sold at an average price of $67.39, for a total transaction of $437,630.66. Following the completion of the transaction, the insider now directly owns 55,592 shares of the company, valued at approximately $3,746,344.88. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. 1.10% of the shares are currently held by insiders.

Institutional entries and exits

A number of large investors have recently changed their positions in the company. Cambiar Investors LLC bought a new position in shares of Targa Resources in the third quarter worth $6,296,000. The New York State Teachers Retirement System increased its stake in Targa Resources by 1.3% during the third quarter. The New York State Teachers’ Retirement System now owns 175,909 shares of the pipeline company worth $10,614,000 after buying 2,192 additional shares in the last quarter. Van ECK Associates Corp increased its stake in Targa Resources by 5.3% during the third quarter. Van ECK Associates Corp now owns 61,874 shares of the pipeline company worth $3,733,000 after buying 3,142 additional shares in the last quarter. CWM LLC increased its stake in Targa Resources by 12.5% ​​during the third quarter. CWM LLC now owns 1,779 shares of the pipeline company worth $107,000 after buying 197 additional shares in the last quarter. Finally, Covea Finance acquired a new stake in Targa Resources during the third quarter for a value of approximately $5,980,000. 87.45% of the shares are held by institutional investors.

About Targa Resources

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires and develops a portfolio of midstream energy assets in North America. The Company operates in two segments, Collection and Processing, and Logistics and Transportation. It is engaged in the gathering, compression, treatment, processing, transportation and sale of natural gas; storage, fractionation, processing, transportation and sale of natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; and the gathering, storage, terminal, purchase and sale of crude oil.

Further reading

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