Russell Investments Group Ltd. raised its position in shares of Targa Resources Corp (NYSE:TRGP) by 72.3% in the third quarter, according to its most recent filing with the SEC. The firm owned 413,248 shares of the pipeline company’s stock after purchasing an additional 173,344 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.18% of Targa Resources worth $23,276,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in TRGP. Raymond James Trust N.A. grew its position in shares of Targa Resources by 15.2% during the 2nd quarter. Raymond James Trust N.A. now owns 8,591 shares of the pipeline company’s stock worth $425,000 after buying an additional 1,135 shares during the period. Sigma Planning Corp grew its position in shares of Targa Resources by 16.1% during the 2nd quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock worth $415,000 after buying an additional 1,162 shares during the period. KBC Group NV grew its position in shares of Targa Resources by 0.8% during the 2nd quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock worth $7,149,000 after buying an additional 1,162 shares during the period. First Manhattan Co. grew its position in shares of Targa Resources by 6.6% during the 3rd quarter. First Manhattan Co. now owns 19,639 shares of the pipeline company’s stock worth $1,105,000 after buying an additional 1,214 shares during the period. Finally, Proficio Capital Partners LLC grew its position in shares of Targa Resources by 121.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after buying an additional 1,246 shares during the period. 91.98% of the stock is owned by institutional investors and hedge funds.
NYSE TRGP opened at $51.91 on Tuesday. Targa Resources Corp has a 12-month low of $40.57 and a 12-month high of $59.21. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The firm has a market capitalization of $11.57 billion, a P/E ratio of -120.72 and a beta of 1.95.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.35 billion. On average, sell-side analysts expect that Targa Resources Corp will post 0.3 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Wednesday, October 31st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 7.01%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s payout ratio is currently -846.51%.
In other Targa Resources news, Director Charles R. Crisp sold 3,100 shares of the firm’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $54.13, for a total transaction of $167,803.00. Following the transaction, the director now directly owns 120,105 shares in the company, valued at approximately $6,501,283.65. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO John Richard Klein sold 2,092 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $53.52, for a total value of $111,963.84. Following the transaction, the chief accounting officer now owns 24,972 shares in the company, valued at $1,336,501.44. The disclosure for this sale can be found here. In the last three months, insiders sold 6,176 shares of company stock valued at $334,507. 1.76% of the stock is currently owned by insiders.
Several brokerages have recently commented on TRGP. Citigroup raised their price objective on shares of Targa Resources from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Royal Bank of Canada raised their price objective on shares of Targa Resources from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, August 10th. US Capital Advisors reaffirmed a “hold” rating on shares of Targa Resources in a research report on Tuesday, July 17th. Barclays raised their price objective on shares of Targa Resources from $52.00 to $54.00 and gave the stock a “hold” rating in a research report on Wednesday, August 29th. Finally, ValuEngine raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, July 14th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $58.53.
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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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