Janus Henderson Group PLC lifted its stake in shares of Targa Resources Corp (NYSE:TRGP) by 56.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 322,499 shares of the pipeline company’s stock after purchasing an additional 116,460 shares during the quarter. Janus Henderson Group PLC owned about 0.14% of Targa Resources worth $18,159,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the company. MML Investors Services LLC grew its stake in Targa Resources by 20.2% in the 3rd quarter. MML Investors Services LLC now owns 5,700 shares of the pipeline company’s stock valued at $321,000 after acquiring an additional 958 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its stake in Targa Resources by 2.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 36,310 shares of the pipeline company’s stock valued at $2,044,000 after acquiring an additional 997 shares during the last quarter. US Bancorp DE grew its stake in Targa Resources by 4.1% in the 3rd quarter. US Bancorp DE now owns 25,532 shares of the pipeline company’s stock valued at $1,437,000 after acquiring an additional 1,014 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in Targa Resources by 24.5% in the 3rd quarter. Wetherby Asset Management Inc. now owns 5,794 shares of the pipeline company’s stock valued at $326,000 after acquiring an additional 1,142 shares during the last quarter. Finally, Sigma Planning Corp grew its stake in Targa Resources by 16.1% in the 2nd quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock valued at $415,000 after acquiring an additional 1,162 shares during the last quarter. 93.25% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently commented on TRGP. Zacks Investment Research cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Thursday, September 6th. Barclays increased their price objective on shares of Targa Resources from $52.00 to $54.00 and gave the company a “hold” rating in a research note on Wednesday, August 29th. Robert W. Baird set a $62.00 price objective on shares of Targa Resources and gave the company a “buy” rating in a research note on Wednesday, August 15th. Raymond James reaffirmed a “buy” rating on shares of Targa Resources in a research note on Monday, August 13th. Finally, Royal Bank of Canada raised their price target on shares of Targa Resources from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, August 10th. Nine equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $58.20.
In related news, Director Chris Tong acquired 2,200 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were acquired at an average cost of $47.00 per share, for a total transaction of $103,400.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.76% of the company’s stock.
Targa Resources stock opened at $44.55 on Friday. Targa Resources Corp has a 12-month low of $41.75 and a 12-month high of $59.21. The stock has a market cap of $10.36 billion, a price-to-earnings 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 (NYSE:TRGP) last released its quarterly earnings results 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). Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.67 billion. As a group, equities research analysts expect that Targa Resources Corp will post 0.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were issued a dividend of $0.91 per share. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $3.64 annualized dividend and a dividend yield of 8.17%. Targa Resources’s payout ratio is currently -846.51%.
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About Targa Resources
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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