Dividend Assets Capital LLC boosted its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 1,422.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 152,226 shares of the pipeline company’s stock after acquiring an additional 142,226 shares during the period. Targa Resources makes up approximately 1.1% of Dividend Assets Capital LLC’s investment portfolio, making the stock its 27th largest holding. Dividend Assets Capital LLC owned 0.07% of Targa Resources worth $8,572,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of TRGP. PointState Capital LP lifted its holdings in shares of Targa Resources by 92.3% in the second 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 in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Targa Resources in the second quarter valued at about $96,070,000. HITE Hedge Asset Management LLC bought a new stake in shares of Targa Resources in the second quarter valued at about $34,898,000. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Targa Resources by 7.0% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock valued at $416,422,000 after purchasing an additional 549,161 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Targa Resources by 13,458.9% in the second quarter. SG Americas Securities LLC now owns 533,409 shares of the pipeline company’s stock valued at $26,398,000 after purchasing an additional 529,475 shares in the last quarter. Hedge funds and other institutional investors own 91.98% of the company’s stock.
A number of analysts have recently commented on TRGP shares. Zacks Investment Research lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Friday, August 24th. Wells Fargo & Co upgraded Targa Resources from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $55.00 to $63.00 in a report on Tuesday, September 18th. Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $54.00 to $65.00 in a report on Wednesday, October 3rd. UBS Group boosted their price target on Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a report on Friday, August 10th. Finally, ValuEngine upgraded 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’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $58.53.
NYSE:TRGP opened at $51.65 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73. The stock has a market capitalization of $11.57 billion, a P/E ratio of -120.12 and a beta of 1.95. Targa Resources Corp has a 52-week low of $40.57 and a 52-week high of $59.21.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.40. The business had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. On average, analysts anticipate that Targa Resources Corp will post 0.3 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 7.05%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the transaction, the director now owns 120,105 shares of the company’s stock, valued at $6,501,283.65. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO John Richard Klein sold 2,092 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total value of $111,963.84. Following the transaction, the chief accounting officer now directly owns 24,972 shares in the company, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,176 shares of company stock worth $334,507. Company insiders own 1.76% of the company’s stock.
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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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