Cushing Asset Management LP lessened its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 7.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,448,647 shares of the pipeline company’s stock after selling 281,818 shares during the quarter. Targa Resources accounts for approximately 5.0% of Cushing Asset Management LP’s holdings, making the stock its 2nd largest holding. Cushing Asset Management LP owned 1.60% of Targa Resources worth $166,984,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. James Hambro & Partners acquired a new stake in Targa Resources during the 4th quarter worth $111,000. SeaCrest Wealth Management LLC bought a new position in Targa Resources during the fourth quarter worth about $111,000. Searle & CO. bought a new position in Targa Resources during the fourth quarter worth about $200,000. Quadrant Private Wealth Management LLC bought a new position in Targa Resources during the fourth quarter worth about $203,000. Finally, Guyasuta Investment Advisors Inc. bought a new position in Targa Resources during the third quarter worth about $206,000. 90.31% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently commented on TRGP. Goldman Sachs Group upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price target for the company in a report on Thursday, February 1st. Credit Suisse Group began coverage on Targa Resources in a report on Thursday, January 4th. They set a “neutral” rating and a $46.00 price target for the company. Stifel Nicolaus reduced their price target on Targa Resources from $53.00 to $51.00 and set a “buy” rating for the company in a report on Monday, November 20th. Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $50.00 to $58.00 in a report on Wednesday, January 17th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $60.00 price target on shares of Targa Resources in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.35.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.79%. The ex-dividend date of this dividend was Wednesday, January 31st. Targa Resources’s dividend payout ratio is presently -224.69%.
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Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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