Artemis Investment Management LLP lowered its position in shares of Targa Resources Corp (NYSE:TRGP) by 67.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 346,649 shares of the pipeline company’s stock after selling 703,401 shares during the quarter. Artemis Investment Management LLP owned approximately 0.15% of Targa Resources worth $14,140,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in TRGP. DNB Asset Management AS grew its position in shares of Targa Resources by 4.2% in the fourth quarter. DNB Asset Management AS now owns 31,090 shares of the pipeline company’s stock valued at $1,269,000 after purchasing an additional 1,249 shares in the last quarter. Advisors Capital Management LLC grew its position in shares of Targa Resources by 6.4% in the fourth quarter. Advisors Capital Management LLC now owns 299,034 shares of the pipeline company’s stock valued at $12,210,000 after purchasing an additional 17,855 shares in the last quarter. Sanders Morris Harris LLC grew its position in shares of Targa Resources by 15.7% in the fourth quarter. Sanders Morris Harris LLC now owns 9,557 shares of the pipeline company’s stock valued at $397,000 after purchasing an additional 1,300 shares in the last quarter. Evoke Wealth LLC purchased a new stake in shares of Targa Resources in the third quarter valued at approximately $282,000. Finally, PVG Asset Management Corp purchased a new stake in shares of Targa Resources in the third quarter valued at approximately $1,626,000. 95.35% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on TRGP shares. Morgan Stanley started coverage on Targa Resources in a research report on Monday, January 6th. They issued an “equal weight” rating and a $39.00 price target for the company. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a research report on Friday, January 3rd. Zacks Investment Research lowered Targa Resources from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Capital One Financial lowered Targa Resources from an “overweight” rating to an “equal weight” rating and set a $42.00 price target for the company. in a research report on Thursday, November 21st. Finally, Piper Jaffray Companies started coverage on Targa Resources in a research report on Monday, November 4th. They issued a “neutral” rating and a $43.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $45.30.
Shares of Targa Resources stock opened at $40.89 on Wednesday. The firm has a market capitalization of $9.47 billion, a price-to-earnings ratio of 204.45 and a beta of 1.79. Targa Resources Corp has a fifty-two week low of $32.00 and a fifty-two week high of $48.78. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.76 and a current ratio of 0.88. The stock has a 50 day moving average of $38.72 and a 200 day moving average of $38.68.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Targa Resources had a negative return on equity of 0.45% and a negative net margin of 2.31%. Analysts forecast that Targa Resources Corp will post -0.92 EPS for the current year.
Targa Resources Company 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, transporting, 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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