Zimmer Partners LP cut its stake in Targa Resources Corp (NYSE:TRGP) by 32.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,983,700 shares of the pipeline company’s stock after selling 1,948,038 shares during the quarter. Targa Resources makes up 4.7% of Zimmer Partners LP’s portfolio, making the stock its 5th biggest holding. Zimmer Partners LP’s holdings in Targa Resources were worth $192,891,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Deutsche Bank AG boosted its holdings in Targa Resources by 85.3% in the fourth quarter. Deutsche Bank AG now owns 3,859,839 shares of the pipeline company’s stock worth $186,889,000 after purchasing an additional 1,776,455 shares in the last quarter. Harvest Fund Advisors LLC boosted its holdings in Targa Resources by 40.8% in the third quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock worth $236,060,000 after purchasing an additional 1,446,438 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Targa Resources by 32.0% in the fourth quarter. Bank of New York Mellon Corp now owns 5,334,439 shares of the pipeline company’s stock worth $258,294,000 after purchasing an additional 1,294,549 shares in the last quarter. Kayne Anderson Capital Advisors LP boosted its holdings in Targa Resources by 13.6% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 7,321,661 shares of the pipeline company’s stock worth $354,502,000 after purchasing an additional 874,200 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Targa Resources by 15.4% in the fourth quarter. Clearbridge Investments LLC now owns 3,537,404 shares of the pipeline company’s stock worth $171,281,000 after purchasing an additional 471,625 shares in the last quarter. 90.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of Targa Resources Corp (NYSE:TRGP) opened at $47.15 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources Corp has a one year low of $39.59 and a one year high of $60.62. The firm has a market cap of $10,320.00, a PE ratio of -29.10 and a beta of 2.05.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 7.72%. The ex-dividend date of this dividend was Wednesday, January 31st. Targa Resources’s payout ratio is presently -224.69%.
A number of brokerages recently issued reports on TRGP. ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Stifel Nicolaus restated a “buy” rating and set a $55.00 price target on shares of Targa Resources in a report on Friday, February 16th. Credit Suisse Group began coverage on shares of Targa Resources in a report on Thursday, January 4th. They set a “neutral” rating and a $46.00 price target for the company. Bank of America began coverage on shares of Targa Resources in a report on Tuesday, January 9th. They set a “neutral” rating for the company. Finally, Citigroup upped their price target on shares of Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $54.35.
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About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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