BlackRock Inc. lifted its position in shares of Targa Resources Corp (NYSE:TRGP) by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,972,081 shares of the pipeline company’s stock after buying an additional 364,546 shares during the quarter. BlackRock Inc. owned approximately 5.75% of Targa Resources worth $730,459,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can purchased a new position in shares of Targa Resources in the second quarter valued at $3,846,000. Janney Montgomery Scott LLC grew its position in shares of Targa Resources by 2.9% in the second quarter. Janney Montgomery Scott LLC now owns 46,675 shares of the pipeline company’s stock valued at $2,310,000 after purchasing an additional 1,330 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in shares of Targa Resources by 43.6% in the second quarter. BNP Paribas Arbitrage SA now owns 48,886 shares of the pipeline company’s stock valued at $2,419,000 after purchasing an additional 14,842 shares in the last quarter. Aperio Group LLC grew its position in shares of Targa Resources by 20.1% in the second quarter. Aperio Group LLC now owns 119,414 shares of the pipeline company’s stock valued at $5,910,000 after purchasing an additional 19,956 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Targa Resources by 1.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 185,233 shares of the pipeline company’s stock valued at $9,167,000 after purchasing an additional 1,856 shares in the last quarter. Institutional investors and hedge funds own 92.66% of the company’s stock.
NYSE:TRGP opened at $44.63 on Monday. The firm has a market cap of $10.23 billion, a P/E ratio of -103.79 and a beta of 1.95. Targa Resources Corp has a 52-week low of $41.13 and a 52-week high of $59.21. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.68 and a quick ratio of 0.61.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.31). The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.67 billion. Targa Resources had a net margin of 3.42% and a return on equity of 1.31%. Equities research analysts anticipate that Targa Resources Corp will post 0.31 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Wednesday, October 31st were paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 8.16%. The ex-dividend date of this dividend was Tuesday, October 30th. Targa Resources’s dividend payout ratio is -846.51%.
In other news, Director Chris Tong purchased 2,200 shares of the company’s stock in a transaction on Friday, November 16th. The stock was purchased at an average price of $47.00 per share, with a total value of $103,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.76% of the stock is currently owned by company insiders.
Several brokerages have recently weighed in on TRGP. Zacks Investment Research cut Targa Resources from a “buy” rating to a “hold” rating in a research report on Thursday, September 6th. Barclays lifted their price target on Targa Resources from $52.00 to $54.00 and gave the company a “hold” rating in a research report on Wednesday, August 29th. Citigroup reduced their price target on Targa Resources to $56.00 in a research report on Sunday. Robert W. Baird set a $62.00 price target on Targa Resources and gave the company a “buy” rating in a research report on Wednesday, August 15th. Finally, Raymond James reiterated a “buy” rating on shares of Targa Resources in a research report on Monday, August 13th. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $58.20.
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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, 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.
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