Seeyond lowered its holdings in Targa Resources Corp (NYSE:TRGP) by 18.0% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 19,123 shares of the pipeline company’s stock after selling 4,184 shares during the period. Seeyond’s holdings in Targa Resources were worth $751,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. Cerebellum GP LLC bought a new position in Targa Resources during the 1st quarter valued at approximately $27,000. Arlington Partners LLC bought a new stake in shares of Targa Resources in the 2nd quarter worth $29,000. Strategy Asset Managers LLC bought a new stake in shares of Targa Resources in the 1st quarter worth $36,000. Personal Wealth Partners bought a new stake in shares of Targa Resources in the 2nd quarter worth $36,000. Finally, Valeo Financial Advisors LLC increased its holdings in shares of Targa Resources by 105.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after purchasing an additional 495 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.
A number of analysts have commented on TRGP shares. Raymond James raised Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 target price for the company in a report on Wednesday, August 28th. Credit Suisse Group cut their price objective on Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a report on Thursday, August 15th. Royal Bank of Canada cut their price objective on Targa Resources to $51.00 and set an “outperform” rating for the company in a report on Friday, August 9th. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a report on Sunday, August 11th. Finally, UBS Group set a $54.00 price objective on Targa Resources and gave the stock a “buy” rating in a report on Friday, August 16th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources currently has a consensus rating of “Buy” and an average target price of $51.24.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.15. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. As a group, sell-side analysts predict that Targa Resources Corp will post -0.84 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.91 dividend. The ex-dividend date was Tuesday, July 30th. This represents a $3.64 annualized dividend and a dividend yield of 9.10%. Targa Resources’s payout ratio is 1,820.00%.
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, transporting, 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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