Dimensional Fund Advisors LP increased its holdings in Targa Resources Corp (NYSE:TRGP) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,140,263 shares of the pipeline company’s stock after acquiring an additional 29,259 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.93% of Targa Resources worth $120,519,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in TRGP. Proficio Capital Partners LLC raised its stake in Targa Resources by 121.0% during the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after buying an additional 1,246 shares in the last quarter. Westbourne Investment Advisors Inc. acquired a new stake in Targa Resources during the third quarter valued at approximately $168,000. Checchi Capital Advisers LLC acquired a new stake in Targa Resources during the third quarter valued at approximately $208,000. Crossmark Global Holdings Inc. acquired a new stake in Targa Resources during the third quarter valued at approximately $212,000. Finally, Meiji Yasuda Life Insurance Co acquired a new stake in Targa Resources during the third quarter valued at approximately $214,000. Institutional investors and hedge funds own 93.25% of the company’s stock.
In other Targa Resources news, Director Chris Tong acquired 2,200 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The stock was acquired at an average cost of $47.00 per share, with a total value of $103,400.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.76% of the stock is currently owned by corporate insiders.
TRGP has been the topic of several research reports. Stifel Nicolaus restated a “buy” rating and set a $57.00 price objective (up previously from $53.00) on shares of Targa Resources in a research note on Friday, August 10th. UBS Group upped their price objective on Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Friday, August 10th. Royal Bank of Canada upped their price objective on Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, August 10th. Raymond James restated a “buy” rating on shares of Targa Resources in a research note on Monday, August 13th. Finally, Zacks Investment Research upgraded Targa Resources from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Wednesday, August 15th. 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 stock. The stock currently has a consensus rating of “Buy” and an average price target of $58.20.
Shares of Targa Resources stock opened at $44.55 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.68. The company has a market cap of $10.36 billion, a PE ratio of -103.60 and a beta of 1.91. Targa Resources Corp has a twelve month low of $41.75 and a twelve month high of $59.21.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.31). The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.67 billion. Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. As a group, research analysts expect that Targa Resources Corp will post 0.26 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date was Tuesday, October 30th. Targa Resources’s payout ratio is -846.51%.
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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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