OppenheimerFunds Inc. decreased its stake in Targa Resources Corp (NYSE:TRGP) by 1.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,269,779 shares of the pipeline company’s stock after selling 146,583 shares during the quarter. OppenheimerFunds Inc.’s holdings in Targa Resources were worth $409,271,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in TRGP. Rhumbline Advisers lifted its position in Targa Resources by 2.0% in the 1st quarter. Rhumbline Advisers now owns 214,286 shares of the pipeline company’s stock worth $9,429,000 after buying an additional 4,197 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Targa Resources by 1.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 641,628 shares of the pipeline company’s stock worth $28,232,000 after buying an additional 9,444 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Targa Resources by 7.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,186 shares of the pipeline company’s stock worth $2,164,000 after buying an additional 3,216 shares in the last quarter. Stephens Inc. AR lifted its position in Targa Resources by 41.0% in the 1st quarter. Stephens Inc. AR now owns 24,997 shares of the pipeline company’s stock worth $1,100,000 after buying an additional 7,266 shares in the last quarter. Finally, Kayne Anderson Capital Advisors LP lifted its position in Targa Resources by 3.6% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 7,588,261 shares of the pipeline company’s stock worth $333,873,000 after buying an additional 266,600 shares in the last quarter. Institutional investors own 92.22% of the company’s stock.
A number of research firms have issued reports on TRGP. Stifel Nicolaus reiterated a “buy” rating and issued a $57.00 target price (up previously from $53.00) on shares of Targa Resources in a research report on Friday, August 10th. Seaport Global Securities downgraded shares of Targa Resources from a “buy” rating to a “neutral” rating and increased their target price for the stock from $53.00 to $55.00 in a research report on Friday, July 27th. ValuEngine upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Saturday, July 14th. US Capital Advisors restated a “hold” rating on shares of Targa Resources in a report on Tuesday, July 17th. Finally, Zacks Investment Research upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Wednesday, August 15th. Twelve equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $56.00.
In related news, Director Charles R. Crisp sold 3,100 shares of Targa Resources stock in a transaction on Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the transaction, the director now owns 120,105 shares in the company, valued at approximately $6,501,283.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO John Richard Klein sold 2,092 shares of Targa Resources stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the completion of the transaction, the chief accounting officer now owns 24,972 shares in the company, valued at approximately $1,336,501.44. The disclosure for this sale can be found here. Insiders sold a total of 6,176 shares of company stock worth $334,507 in the last quarter. Insiders own 1.76% of the company’s stock.
Targa Resources stock opened at $54.39 on Wednesday. The firm has a market cap of $12.42 billion, a PE ratio of -126.49 and a beta of 2.09. The company has a current ratio of 0.73, a quick ratio of 0.64 and a debt-to-equity ratio of 0.74. Targa Resources Corp has a 1-year low of $39.59 and a 1-year high of $56.42.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 9th. The pipeline company reported $0.35 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.40. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. research analysts expect that Targa Resources Corp will post 0.27 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 15th. Investors of record on Wednesday, August 1st were issued a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, July 31st. This represents a $3.64 annualized dividend and a yield of 6.69%. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
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, 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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