Zimmer Partners LP trimmed its position in Targa Resources Corp (NYSE:TRGP) by 32.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,983,700 shares of the pipeline company’s stock after selling 1,948,038 shares during the period. Targa Resources makes up about 4.7% of Zimmer Partners LP’s portfolio, making the stock its 5th largest holding. Zimmer Partners LP owned 1.85% of Targa Resources worth $192,891,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Starfire Investment Advisers Inc. acquired a new stake in Targa Resources in the fourth quarter worth approximately $503,000. Ladenburg Thalmann Financial Services Inc. lifted its position in Targa Resources by 18.7% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 37,295 shares of the pipeline company’s stock worth $1,765,000 after purchasing an additional 5,885 shares during the period. Vident Investment Advisory LLC acquired a new stake in Targa Resources in the third quarter worth approximately $381,000. Atlantic Trust Group LLC lifted its position in Targa Resources by 4.0% in the third quarter. Atlantic Trust Group LLC now owns 2,611,451 shares of the pipeline company’s stock worth $123,522,000 after purchasing an additional 99,553 shares during the period. Finally, Swiss National Bank lifted its position in Targa Resources by 1.1% in the third quarter. Swiss National Bank now owns 793,900 shares of the pipeline company’s stock worth $37,551,000 after purchasing an additional 8,800 shares during the period. Hedge funds and other institutional investors own 90.31% of the company’s stock.
Shares of Targa Resources Corp (TRGP) opened at $47.15 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.66 and a current ratio of 0.79. Targa Resources Corp has a one year low of $39.59 and a one year high of $60.62. The stock has a market cap of $10,320.00, a price-to-earnings ratio of -29.10 and a beta of 2.05.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 7.72%. The ex-dividend date of this dividend was Wednesday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently -224.69%.
TRGP has been the subject of a number of research analyst reports. Stifel Nicolaus cut their target price on Targa Resources from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, November 20th. Credit Suisse Group initiated coverage on Targa Resources in a research report on Thursday, January 4th. They issued a “neutral” rating and a $46.00 target price for the company. Bank of America initiated coverage on Targa Resources in a report on Tuesday, January 9th. They issued a “neutral” rating on the stock. Royal Bank of Canada reaffirmed a “buy” rating and issued a $60.00 price target on shares of Targa Resources in a report on Tuesday, January 16th. Finally, Barclays raised Targa Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $50.00 to $58.00 in a report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $54.35.
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Targa Resources 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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