Targa Resources (NYSE:TRGP) announced its quarterly earnings data on Thursday. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.31), MarketWatch Earnings reports. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.67 billion.
Targa Resources stock traded down $1.69 during mid-day trading on Friday, reaching $50.55. 2,644,536 shares of the company were exchanged, compared to its average volume of 1,891,200. 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 firm has a market cap of $11.95 billion, a P/E ratio of -117.56 and a beta of 1.95. Targa Resources has a 12-month low of $40.57 and a 12-month high of $59.21.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be issued a dividend of $0.91 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.64 dividend on an annualized basis and a yield of 7.20%. Targa Resources’s dividend payout ratio is currently -846.51%.
TRGP has been the topic of several research analyst reports. Wells Fargo & Co raised Targa Resources from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $55.00 to $63.00 in a research note on Tuesday, September 18th. Zacks Investment Research cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Thursday, September 6th. Morgan Stanley increased their price objective on Targa Resources from $51.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Friday, August 17th. SunTrust Banks set a $56.00 target price on Targa Resources and gave the stock a “hold” rating in a report on Friday, August 17th. Finally, Raymond James upped their target price on Targa Resources from $58.00 to $64.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 17th. Eight 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 company’s stock. Targa Resources presently has a consensus rating of “Buy” and an average price target of $58.32.
In other news, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction 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 completion of the sale, the director now owns 120,105 shares in the company, valued at approximately $6,501,283.65. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John Richard Klein sold 984 shares of the stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $55.63, for a total value of $54,739.92. Following 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. In the last 90 days, insiders have sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Targa Resources by 2.9% during the 3rd quarter. BlackRock Inc. now owns 12,972,081 shares of the pipeline company’s stock valued at $730,459,000 after purchasing an additional 364,546 shares during the last quarter. PointState Capital LP lifted its holdings in shares of Targa Resources by 92.3% during 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 last quarter. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Targa Resources by 3.9% during the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 8,744,388 shares of the pipeline company’s stock valued at $492,396,000 after purchasing an additional 330,132 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Targa Resources by 2.9% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 8,120,361 shares of the pipeline company’s stock valued at $457,242,000 after purchasing an additional 231,100 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Targa Resources by 3.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,543,801 shares of the pipeline company’s stock valued at $255,862,000 after purchasing an additional 136,890 shares during the last quarter. Hedge funds and other institutional investors own 91.98% of the company’s stock.
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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.
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