IFP Advisors Inc lessened its position in shares of Targa Resources Corp (NYSE:TRGP) by 17.7% in the third quarter, Holdings Channel reports. The institutional investor owned 16,202 shares of the pipeline company’s stock after selling 3,477 shares during the period. IFP Advisors Inc’s holdings in Targa Resources were worth $912,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Proficio Capital Partners LLC increased its stake in Targa Resources by 121.0% in the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after purchasing an additional 1,246 shares in the last quarter. James Hambro & Partners bought a new stake in Targa Resources in the second quarter valued at $113,000. Sit Investment Associates Inc. bought a new stake in Targa Resources in the second quarter valued at $127,000. Westbourne Investment Advisors Inc. bought a new stake in Targa Resources in the third quarter valued at $168,000. Finally, Laurel Wealth Advisors Inc. bought a new stake in Targa Resources in the second quarter valued at $201,000. 92.01% of the stock is owned by institutional investors and hedge funds.
In related news, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the transaction, the director now directly owns 120,105 shares in the company, valued at $6,501,283.65. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP John Richard Klein sold 984 shares of the business’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total transaction of $54,739.92. Following the transaction, the vice president now owns 23,988 shares in the company, valued at $1,334,452.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,176 shares of company stock worth $334,507. 1.76% of the stock is owned by corporate insiders.
TRGP has been the subject of several research analyst reports. SunTrust Banks initiated coverage on shares of Targa Resources in a research note on Thursday, July 12th. They issued a “hold” rating and a $53.00 price target for the company. ValuEngine raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Saturday, July 14th. BMO Capital Markets reiterated a “hold” rating and set a $54.00 price objective on shares of Targa Resources in a report on Friday, July 13th. Wolfe Research assumed coverage on shares of Targa Resources in a report on Monday, July 16th. They set a “peer perform” rating for the company. Finally, Jefferies Financial Group reiterated a “$51.76” rating and set a $55.00 price objective on shares of Targa Resources in a report on Wednesday, July 18th. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $58.53.
Shares of NYSE TRGP opened at $52.60 on Friday. The stock has a market cap of $11.29 billion, a PE ratio of -122.33 and a beta of 2.08. Targa Resources Corp has a 1 year low of $40.57 and a 1 year high of $59.21. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.35 billion. As a group, research analysts anticipate that Targa Resources Corp will post 0.3 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 6.92%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
Targa Resources Profile
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. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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