Cadence Capital Management LLC cut its stake in Targa Resources Corp (NYSE:TRGP) by 78.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,823 shares of the pipeline company’s stock after selling 82,021 shares during the period. Cadence Capital Management LLC’s holdings in Targa Resources were worth $1,105,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vident Investment Advisory LLC acquired a new position in shares of Targa Resources in the 3rd quarter worth approximately $381,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in Targa Resources by 18.7% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,295 shares of the pipeline company’s stock valued at $1,765,000 after purchasing an additional 5,885 shares in the last quarter. Atlantic Trust Group LLC increased its holdings in Targa Resources by 4.0% during the 3rd quarter. Atlantic Trust Group LLC now owns 2,611,451 shares of the pipeline company’s stock valued at $123,522,000 after purchasing an additional 99,553 shares in the last quarter. Advantus Capital Management Inc increased its holdings in Targa Resources by 19.2% during the 3rd quarter. Advantus Capital Management Inc now owns 53,900 shares of the pipeline company’s stock valued at $2,549,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Swiss National Bank increased its holdings in Targa Resources by 1.1% during the 3rd quarter. Swiss National Bank now owns 793,900 shares of the pipeline company’s stock valued at $37,551,000 after purchasing an additional 8,800 shares in the last quarter. 87.34% of the stock is owned by institutional investors and hedge funds.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.93% of the stock is currently owned by company insiders.
Targa Resources Corp (NYSE TRGP) opened at $47.03 on Tuesday. The company has a market capitalization of $10,140.00, a price-to-earnings ratio of -18.52 and a beta of 2.07. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.74 and a quick ratio of 0.57. Targa Resources Corp has a 12-month low of $39.59 and a 12-month high of $60.62.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be given a $0.91 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $3.64 dividend on an annualized basis and a yield of 7.74%. Targa Resources’s payout ratio is -143.31%.
A number of equities research analysts recently weighed in on the company. BidaskClub raised Targa Resources from a “sell” rating to a “hold” rating in a report on Friday, November 3rd. Wells Fargo & Co cut Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 price target for the company. in a report on Tuesday, November 7th. ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Robert W. Baird reaffirmed a “buy” rating and set a $53.00 price target on shares of Targa Resources in a report on Friday, November 3rd. Finally, Barclays reaffirmed a “hold” rating and set a $50.00 price target on shares of Targa Resources in a report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $55.33.
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Targa Resources Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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