Quadrature Capital Ltd bought a new stake in shares of Targa Resources Corp (NYSE:TRGP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,969 shares of the pipeline company’s stock, valued at approximately $703,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of Targa Resources by 3.9% during the 1st quarter. BlackRock Inc. now owns 14,197,521 shares of the pipeline company’s stock worth $98,105,000 after acquiring an additional 535,067 shares during the last quarter. Harvest Fund Advisors LLC boosted its stake in shares of Targa Resources by 4.1% during the first quarter. Harvest Fund Advisors LLC now owns 11,215,510 shares of the pipeline company’s stock valued at $77,499,000 after purchasing an additional 444,246 shares during the period. Blackstone Group Inc boosted its stake in shares of Targa Resources by 3,716.5% during the second quarter. Blackstone Group Inc now owns 9,858,217 shares of the pipeline company’s stock valued at $197,854,000 after purchasing an additional 9,599,915 shares during the period. Kayne Anderson Capital Advisors LP grew its holdings in shares of Targa Resources by 40.6% in the second quarter. Kayne Anderson Capital Advisors LP now owns 8,422,871 shares of the pipeline company’s stock worth $169,037,000 after purchasing an additional 2,432,598 shares during the last quarter. Finally, Chickasaw Capital Management LLC increased its stake in Targa Resources by 10.8% in the 2nd quarter. Chickasaw Capital Management LLC now owns 8,066,190 shares of the pipeline company’s stock worth $161,888,000 after buying an additional 787,528 shares during the period. 80.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have commented on TRGP. Mizuho upped their target price on shares of Targa Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 12th. US Capital Advisors raised Targa Resources from a “hold” rating to a “buy” rating in a research note on Friday, August 14th. SunTrust Banks lifted their target price on Targa Resources from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Monday, August 3rd. Finally, UBS Group lifted their price objective on Targa Resources from $19.00 to $24.00 and gave the company a “buy” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $25.39.
In other Targa Resources news, Director Rene R. Joyce sold 40,364 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $20.46, for a total value of $825,847.44. Following the completion of the transaction, the director now directly owns 241,456 shares of the company’s stock, valued at $4,940,189.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.54% of the stock is currently owned by company insiders.
Shares of TRGP stock traded down $0.12 during trading hours on Monday, hitting $16.34. The company’s stock had a trading volume of 2,650,500 shares, compared to its average volume of 2,344,754. The stock has a market cap of $3.81 billion, a PE ratio of -1.96 and a beta of 2.98. Targa Resources Corp has a 12-month low of $3.66 and a 12-month high of $43.47. The company has a 50 day moving average of $18.54 and a 200 day moving average of $17.43. The company has a current ratio of 0.93, a quick ratio of 0.76 and a debt-to-equity ratio of 1.21.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.14) by $0.35. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.63 billion. Targa Resources had a negative net margin of 22.86% and a positive return on equity of 3.89%. As a group, analysts anticipate that Targa Resources Corp will post 1.13 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 31st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.45%. The ex-dividend date was Thursday, July 30th. Targa Resources’s dividend payout ratio (DPR) is -49.38%.
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, 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: What is the downside to momentum investing?
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).
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.