Zimmer Partners LP grew its position in shares of Targa Resources Corp (NYSE:TRGP) by 13.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,527,200 shares of the pipeline company’s stock after buying an additional 543,500 shares during the quarter. Targa Resources accounts for 3.6% of Zimmer Partners LP’s portfolio, making the stock its 5th largest position. Zimmer Partners LP owned about 2.07% of Targa Resources worth $199,197,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Brookfield Asset Management Inc. raised its holdings in shares of Targa Resources by 17.0% in the 4th quarter. Brookfield Asset Management Inc. now owns 2,596,806 shares of the pipeline company’s stock valued at $125,737,000 after purchasing an additional 376,574 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in Targa Resources by 1.0% during the 4th quarter. UBS Asset Management Americas Inc. now owns 583,487 shares of the pipeline company’s stock worth $28,252,000 after purchasing an additional 5,922 shares during the last quarter. Franklin Resources Inc. grew its position in Targa Resources by 29.7% during the 4th quarter. Franklin Resources Inc. now owns 304,840 shares of the pipeline company’s stock worth $14,760,000 after purchasing an additional 69,800 shares during the last quarter. TLP Group LLC grew its position in Targa Resources by 6,191.4% during the 1st quarter. TLP Group LLC now owns 5,096 shares of the pipeline company’s stock worth $224,000 after purchasing an additional 5,015 shares during the last quarter. Finally, Driehaus Capital Management LLC grew its position in Targa Resources by 17.1% during the 4th quarter. Driehaus Capital Management LLC now owns 64,830 shares of the pipeline company’s stock worth $3,139,000 after purchasing an additional 9,450 shares during the last quarter. Institutional investors own 92.84% of the company’s stock.
Several analysts have commented on the stock. Stifel Nicolaus set a $53.00 price objective on shares of Targa Resources and gave the company a “buy” rating in a research note on Friday, May 4th. Seaport Global Securities set a $53.00 price objective on shares of Targa Resources and gave the stock a “buy” rating in a research report on Tuesday, April 24th. Robert W. Baird restated a “buy” rating and set a $58.00 price objective on shares of Targa Resources in a research report on Monday, April 23rd. Guggenheim set a $50.00 target price on shares of Targa Resources and gave the stock a “buy” rating in a report on Monday, April 16th. Finally, TheStreet raised shares of Targa Resources from a “d+” rating to a “c” rating in a report on Monday, March 19th. Eleven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Targa Resources has an average rating of “Hold” and a consensus price target of $53.71.
Shares of Targa Resources opened at $49.49 on Friday, Marketbeat.com reports. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.84 and a quick ratio of 0.77. Targa Resources Corp has a twelve month low of $39.59 and a twelve month high of $52.08. The stock has a market capitalization of $10.99 billion, a P/E ratio of -115.09 and a beta of 1.99.
Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 3rd. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.01). The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Targa Resources had a return on equity of 0.88% and a net margin of 1.82%. analysts expect that Targa Resources Corp will post -0.16 EPS for the current year.
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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