Raymond James & Associates increased its stake in shares of Targa Resources Corp (NYSE:TRGP) by 22.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,154,267 shares of the pipeline company’s stock after purchasing an additional 215,206 shares during the period. Raymond James & Associates owned approximately 0.54% of Targa Resources worth $55,890,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. The Manufacturers Life Insurance Company raised its holdings in shares of Targa Resources by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 8,723 shares of the pipeline company’s stock valued at $395,000 after purchasing an additional 990 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Targa Resources by 26.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 166,184 shares of the pipeline company’s stock valued at $7,860,000 after purchasing an additional 35,136 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Targa Resources during the third quarter valued at approximately $224,000. Keybank National Association OH raised its holdings in shares of Targa Resources by 73.6% during the third quarter. Keybank National Association OH now owns 25,201 shares of the pipeline company’s stock valued at $1,192,000 after purchasing an additional 10,684 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Targa Resources by 3.0% during the third quarter. Principal Financial Group Inc. now owns 1,544,522 shares of the pipeline company’s stock valued at $73,056,000 after buying an additional 45,064 shares during the last quarter. 90.31% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on TRGP shares. Bank of America started coverage on shares of Targa Resources in a report on Tuesday, January 9th. They set a “neutral” rating for the company. ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Citigroup upped their target price on shares of Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. Seaport Global Securities set a $52.00 target price on shares of Targa Resources and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, UBS Group reaffirmed a “neutral” rating and set a $58.00 target price (up from $56.00) on shares of Targa Resources in a report on Friday, March 2nd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $54.35.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 15th. The pipeline company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.04). The firm had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.30 billion. Targa Resources had a negative return on equity of 1.24% and a net margin of 0.27%. research analysts expect that Targa Resources Corp will post -0.04 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a $0.91 dividend. The ex-dividend date of this dividend was Wednesday, January 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.72%. Targa Resources’s payout ratio is currently -742.84%.
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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