JPMorgan Chase & Co. lessened its stake in Targa Resources Corp (NYSE:TRGP) by 6.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 247,920 shares of the pipeline company’s stock after selling 16,242 shares during the period. JPMorgan Chase & Co. owned 0.11% of Targa Resources worth $13,960,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Waddell & Reed Financial Inc. increased its position in Targa Resources by 4.3% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 215,430 shares of the pipeline company’s stock valued at $10,662,000 after acquiring an additional 8,950 shares during the period. Baird Financial Group Inc. increased its position in Targa Resources by 4.6% in the 2nd quarter. Baird Financial Group Inc. now owns 42,704 shares of the pipeline company’s stock valued at $2,113,000 after acquiring an additional 1,861 shares during the period. IFM Investors Pty Ltd increased its position in Targa Resources by 14.2% in the 3rd quarter. IFM Investors Pty Ltd now owns 11,591 shares of the pipeline company’s stock valued at $653,000 after acquiring an additional 1,444 shares during the period. Andra AP fonden purchased a new stake in Targa Resources in the 2nd quarter valued at approximately $1,539,000. Finally, PointState Capital LP boosted its holdings in Targa Resources by 92.3% in the 2nd quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock valued at $438,150,000 after purchasing an additional 4,248,784 shares in the last quarter. Hedge funds and other institutional investors own 93.25% of the company’s stock.
TRGP has been the topic of a number of analyst reports. Citigroup lowered their price objective on Targa Resources to $56.00 in a report on Sunday, December 2nd. Robert W. Baird set a $62.00 price objective on Targa Resources and gave the company a “buy” rating in a report on Wednesday, August 15th. Zacks Investment Research raised Targa Resources from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 15th. Raymond James reaffirmed a “buy” rating on shares of Targa Resources in a report on Monday, August 13th. Finally, UBS Group lifted their price objective on Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a report on Friday, August 10th. Nine analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $58.20.
Shares of NYSE:TRGP opened at $44.55 on Friday. The company has a market cap of $10.36 billion, a PE ratio of -103.60 and a beta of 1.91. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.68. Targa Resources Corp has a 12 month low of $41.75 and a 12 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) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.31). The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. Analysts expect that Targa Resources Corp will post 0.26 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 8.17%. The ex-dividend date was Tuesday, October 30th. Targa Resources’s dividend payout ratio (DPR) is -846.51%.
In other news, Director Chris Tong purchased 2,200 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were acquired at an average price of $47.00 per share, with a total value of $103,400.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.76% of the stock is owned by insiders.
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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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