Targa Resources Corp (TRGP) Stake Decreased by Millennium Management LLC

Millennium Management LLC lowered its stake in Targa Resources Corp (NYSE:TRGP) by 98.5% during the second quarter, Holdings Channel reports. The institutional investor owned 24,788 shares of the pipeline company’s stock after selling 1,583,912 shares during the period. Millennium Management LLC’s holdings in Targa Resources were worth $1,227,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in Targa Resources by 220.0% in the 2nd quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 9,600 shares of the pipeline company’s stock valued at $475,000 after purchasing an additional 6,600 shares during the period. PointState Capital LP boosted its holdings in Targa Resources by 92.3% in the 2nd quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock valued at $438,150,000 after purchasing an additional 4,248,784 shares during the period. Waddell & Reed Financial Inc. boosted its holdings in Targa Resources by 4.3% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 215,430 shares of the pipeline company’s stock valued at $10,662,000 after purchasing an additional 8,950 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Targa Resources by 16.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,317 shares of the pipeline company’s stock valued at $461,000 after purchasing an additional 1,344 shares during the period. Finally, Macquarie Group Ltd. boosted its holdings in Targa Resources by 14.1% in the 2nd quarter. Macquarie Group Ltd. now owns 65,973 shares of the pipeline company’s stock valued at $3,265,000 after purchasing an additional 8,141 shares during the period. Institutional investors and hedge funds own 92.01% of the company’s stock.

A number of analysts have issued reports on TRGP shares. Jefferies Financial Group reissued a “$51.76” rating and issued a $55.00 price objective on shares of Targa Resources in a report on Wednesday, July 18th. Raymond James reissued a “buy” rating on shares of Targa Resources in a report on Monday, August 13th. UBS Group boosted their price objective on shares of Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a report on Friday, August 10th. Stifel Nicolaus reissued a “buy” rating and issued a $57.00 price objective (up previously from $53.00) on shares of Targa Resources in a report on Friday, August 10th. Finally, Citigroup boosted their price objective on shares of Targa Resources from $55.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, July 31st. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Targa Resources presently has an average rating of “Buy” and a consensus target price of $58.53.

Shares of Targa Resources stock opened at $51.30 on Friday. 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. The company has a market cap of $11.29 billion, a PE ratio of -119.30 and a beta of 2.08.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. On average, research analysts forecast that Targa Resources Corp will post 0.3 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 7.10%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s payout ratio is -846.51%.

In related news, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the transaction, the director now owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO John Richard Klein sold 2,092 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $53.52, for a total transaction of $111,963.84. Following the completion of the transaction, the chief accounting officer now directly owns 24,972 shares of the company’s stock, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. In the last three months, insiders sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is owned by insiders.

Targa Resources Company 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.

See Also: How to interpret a stock’s beta number

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp (NYSE:TRGP).

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

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply