RR Advisors LLC lifted its stake in Targa Resources Corp (NYSE:TRGP) by 16.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,892,000 shares of the pipeline company’s stock after buying an additional 270,000 shares during the period. Targa Resources makes up approximately 10.2% of RR Advisors LLC’s holdings, making the stock its 2nd largest holding. RR Advisors LLC owned about 0.84% of Targa Resources worth $106,503,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of Montreal Can bought a new stake in Targa Resources in the second quarter worth about $3,846,000. Calamos Advisors LLC bought a new stake in Targa Resources in the second quarter worth about $3,593,000. Nisa Investment Advisors LLC bought a new stake in Targa Resources in the second quarter worth about $1,608,000. Sit Investment Associates Inc. bought a new stake in Targa Resources in the second quarter worth about $127,000. Finally, Baldwin Brothers Inc. MA raised its position in Targa Resources by 25.7% in the second quarter. Baldwin Brothers Inc. MA now owns 19,333 shares of the pipeline company’s stock worth $957,000 after acquiring an additional 3,955 shares in the last quarter. 92.66% of the stock is currently owned by institutional investors.
Several research firms have issued reports on TRGP. Barclays boosted their price objective on Targa Resources from $52.00 to $54.00 and gave the stock a “hold” rating in a report on Wednesday, August 29th. Zacks Investment Research downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday, September 6th. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, July 28th. Robert W. Baird set a $62.00 price objective on Targa Resources and gave the stock a “buy” rating in a report on Wednesday, August 15th. Finally, Raymond James restated a “buy” rating on shares of Targa Resources in a report on Monday, August 13th. 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 company presently has a consensus rating of “Buy” and a consensus price target of $58.32.
Shares of TRGP opened at $47.95 on Monday. The stock has a market capitalization of $10.89 billion, a PE ratio of -111.51 and a beta of 1.95. Targa Resources Corp has a fifty-two week low of $41.03 and a fifty-two week high of $59.21. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.68.
Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.31). The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.67 billion. Targa Resources had a net margin of 3.42% and a return on equity of 1.31%. On average, sell-side analysts expect that Targa Resources Corp will post 0.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Wednesday, October 31st were paid a $0.91 dividend. The ex-dividend date was Tuesday, October 30th. This represents a $3.64 annualized dividend and a dividend yield of 7.59%. Targa Resources’s payout ratio is -846.51%.
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Targa Resources 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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