Tortoise Capital Advisors L.L.C. decreased its stake in Targa Resources Corp (NYSE:TRGP) by 1.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,603,307 shares of the pipeline company’s stock after selling 223,528 shares during the quarter. Targa Resources makes up about 4.0% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 10th largest position. Tortoise Capital Advisors L.L.C. owned 6.70% of Targa Resources worth $637,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in shares of Targa Resources by 13.4% during the first quarter. FMR LLC now owns 1,192,808 shares of the pipeline company’s stock worth $49,561,000 after purchasing an additional 140,814 shares during the period. Ilmarinen Mutual Pension Insurance Co bought a new position in shares of Targa Resources during the third quarter valued at approximately $980,000. State Street Corp increased its stake in shares of Targa Resources by 1.5% during the third quarter. State Street Corp now owns 5,469,988 shares of the pipeline company’s stock valued at $219,729,000 after purchasing an additional 79,151 shares in the last quarter. Stifel Financial Corp grew its holdings in shares of Targa Resources by 1.5% during the third quarter. Stifel Financial Corp now owns 163,964 shares of the pipeline company’s stock valued at $6,576,000 after buying an additional 2,486 shares during the last quarter. Finally, Global Retirement Partners LLC grew its holdings in shares of Targa Resources by 32.1% during the third quarter. Global Retirement Partners LLC now owns 35,050 shares of the pipeline company’s stock valued at $1,408,000 after buying an additional 8,508 shares during the last quarter. 90.85% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Rene R. Joyce sold 160,000 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $7.00, for a total value of $1,120,000.00. Following the completion of the transaction, the director now owns 281,820 shares of the company’s stock, valued at $1,972,740. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.86% of the company’s stock.
Shares of NYSE TRGP traded down $0.53 during trading hours on Thursday, hitting $7.65. 6,119,146 shares of the stock were exchanged, compared to its average volume of 3,822,418. The company has a quick ratio of 0.80, a current ratio of 0.89 and a debt-to-equity ratio of 0.88. The company has a market cap of $1.92 billion, a PE ratio of -5.31 and a beta of 1.64. The firm has a fifty day moving average price of $27.17 and a 200-day moving average price of $36.21. Targa Resources Corp has a 12 month low of $3.66 and a 12 month high of $43.47.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.21. Targa Resources had a negative net margin of 2.41% and a negative return on equity of 0.37%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.28 billion. As a group, equities analysts anticipate that Targa Resources Corp will post -0.19 earnings per share for the current fiscal year.
Several brokerages recently issued reports on TRGP. Wolfe Research cut shares of Targa Resources from a “peer perform” rating to an “underperform” rating and dropped their target price for the stock from $39.00 to $36.00 in a report on Wednesday, January 8th. Credit Suisse Group dropped their price objective on shares of Targa Resources from $27.00 to $21.00 and set an “outperform” rating for the company in a research note on Thursday, March 19th. Wells Fargo & Co reissued a “hold” rating on shares of Targa Resources in a research report on Tuesday, January 7th. Mizuho lowered their price objective on shares of Targa Resources from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Finally, Raymond James cut shares of Targa Resources from a “strong-buy” rating to an “outperform” rating in a research report on Thursday, March 12th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $35.59.
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.
Read More: What does an equal weight rating mean?
Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.