Cerebellum GP LLC purchased a new stake in Targa Resources Corp (NYSE:TRGP) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,382 shares of the pipeline company’s stock, valued at approximately $67,000.
Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. Duff & Phelps Investment Management Co. raised its stake in shares of Targa Resources by 1.1% during the second quarter. Duff & Phelps Investment Management Co. now owns 1,555,774 shares of the pipeline company’s stock valued at $61,080,000 after purchasing an additional 16,725 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Targa Resources by 5.8% in the second quarter. Bank of New York Mellon Corp now owns 4,810,946 shares of the pipeline company’s stock worth $188,876,000 after buying an additional 262,251 shares during the last quarter. World Asset Management Inc increased its stake in shares of Targa Resources by 4.1% in the second quarter. World Asset Management Inc now owns 7,887 shares of the pipeline company’s stock worth $310,000 after buying an additional 312 shares during the last quarter. Waddell & Reed Financial Inc. increased its stake in shares of Targa Resources by 6.0% in the second quarter. Waddell & Reed Financial Inc. now owns 467,158 shares of the pipeline company’s stock worth $18,341,000 after buying an additional 26,337 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Targa Resources by 20.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 32,909 shares of the pipeline company’s stock worth $1,292,000 after buying an additional 5,695 shares during the last quarter. Institutional investors and hedge funds own 96.18% of the company’s stock.
Shares of NYSE TRGP traded up $0.08 during trading hours on Friday, hitting $39.90. The stock had a trading volume of 2,872,526 shares, compared to its average volume of 2,281,847. The company has a market capitalization of $9.45 billion, a P/E ratio of 199.50 and a beta of 1.78. The firm’s 50-day moving average price is $39.97 and its two-hundred day moving average price is $38.98. Targa Resources Corp has a 52 week low of $32.00 and a 52 week high of $51.87. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.61 and a current ratio of 0.73.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $2.25 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. As a group, analysts expect that Targa Resources Corp will post -0.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be given a $0.91 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.64 annualized dividend and a dividend yield of 9.12%. Targa Resources’s dividend payout ratio is 1,820.00%.
TRGP has been the subject of several recent research reports. Barclays set a $49.00 target price on shares of Targa Resources and gave the company a “buy” rating in a research note on Tuesday, October 15th. Robert W. Baird reduced their price target on shares of Targa Resources from $67.00 to $49.00 and set an “outperform” rating for the company in a report on Tuesday, October 8th. Stifel Nicolaus downgraded shares of Targa Resources from a “buy” rating to a “hold” rating and set a $41.00 price objective for the company. in a report on Friday, October 11th. Royal Bank of Canada reduced their price objective on shares of Targa Resources to $51.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Finally, Raymond James raised shares of Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a report on Wednesday, August 28th. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $47.63.
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, transporting, 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.
Featured Story: Blockchain
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.