LVW Advisors LLC boosted its stake in Targa Resources Corp (NYSE:TRGP) by 19.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,625 shares of the pipeline company’s stock after buying an additional 2,075 shares during the quarter. LVW Advisors LLC’s holdings in Targa Resources were worth $711,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the stock. US Bancorp DE lifted its stake in Targa Resources by 4.1% in the 3rd quarter. US Bancorp DE now owns 25,532 shares of the pipeline company’s stock worth $1,437,000 after purchasing an additional 1,014 shares in the last quarter. Raymond James Trust N.A. lifted its stake in Targa Resources by 15.2% in the 2nd quarter. Raymond James Trust N.A. now owns 8,591 shares of the pipeline company’s stock worth $425,000 after purchasing an additional 1,135 shares in the last quarter. Sigma Planning Corp lifted its stake in Targa Resources by 16.1% in the 2nd quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock worth $415,000 after purchasing an additional 1,162 shares in the last quarter. KBC Group NV lifted its stake in Targa Resources by 0.8% in the 2nd quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock worth $7,149,000 after purchasing an additional 1,162 shares in the last quarter. Finally, First Manhattan Co. lifted its stake in Targa Resources by 6.6% in the 3rd quarter. First Manhattan Co. now owns 19,639 shares of the pipeline company’s stock worth $1,105,000 after purchasing an additional 1,214 shares in the last quarter. 91.98% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Charles R. Crisp sold 3,100 shares of Targa Resources 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 sale, the director now owns 120,105 shares in the company, valued at approximately $6,501,283.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Richard Klein sold 984 shares of Targa Resources stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $55.63, for a total transaction of $54,739.92. Following the completion of the sale, the vice president now owns 23,988 shares of the company’s stock, valued at approximately $1,334,452.44. The disclosure for this sale can be found here. Insiders sold a total of 6,176 shares of company stock valued at $334,507 in the last quarter. 1.76% of the stock is owned by insiders.
Targa Resources stock opened at $51.91 on Tuesday. Targa Resources Corp has a fifty-two week low of $40.57 and a fifty-two week high of $59.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The company has a market capitalization of $11.57 billion, a P/E ratio of -120.72 and a beta of 1.95.
Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. On average, sell-side analysts expect that Targa Resources Corp will post 0.3 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be issued a $0.91 dividend. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.64 annualized dividend and a yield of 7.01%. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
A number of analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Wells Fargo & Co upgraded shares of Targa Resources from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $55.00 to $63.00 in a report on Tuesday, September 18th. Barclays upgraded shares of Targa Resources from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $54.00 to $65.00 in a report on Wednesday, October 3rd. UBS Group raised their price target on shares of Targa Resources from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Friday, August 10th. Finally, ValuEngine upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Saturday, July 14th. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Targa Resources has a consensus rating of “Buy” and an average target price of $58.53.
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About Targa Resources
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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