Alpha Cubed Investments LLC purchased a new stake in Targa Resources Corp (NYSE:TRGP) during the third quarter, Holdings Channel reports. The firm purchased 5,521 shares of the pipeline company’s stock, valued at approximately $312,000.
A number of other large investors have also recently added to or reduced their stakes in the business. Proficio Capital Partners LLC lifted its position in shares of Targa Resources by 121.0% during the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after purchasing an additional 1,246 shares in the last quarter. James Hambro & Partners acquired a new position in shares of Targa Resources during the second quarter worth approximately $113,000. Sit Investment Associates Inc. acquired a new position in shares of Targa Resources during the second quarter worth approximately $127,000. Westbourne Investment Advisors Inc. acquired a new position in shares of Targa Resources during the third quarter worth approximately $168,000. Finally, Laurel Wealth Advisors Inc. acquired a new position in shares of Targa Resources during the second quarter worth approximately $201,000. Hedge funds and other institutional investors own 91.92% of the company’s stock.
In other Targa Resources news, CAO John Richard Klein sold 2,092 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 24,972 shares of the company’s stock, valued at $1,336,501.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the sale, the director now directly owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. Insiders sold 6,176 shares of company stock valued at $334,507 in the last ninety days. Insiders own 1.76% of the company’s stock.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.40. The business had revenue of $2.44 billion during 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%. On average, equities research analysts anticipate that Targa Resources Corp will post 0.31 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 7.08%. The ex-dividend date is Tuesday, October 30th. Targa Resources’s payout ratio is presently -846.51%.
A number of brokerages have recently issued reports on TRGP. Citigroup upped their target price 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 upped their target price 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 reiterated a “hold” rating on shares of Targa Resources in a research report on Tuesday, July 17th. Barclays upped their target price 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, Stifel Nicolaus boosted their price target on shares of Targa Resources from $57.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, October 11th. Nine equities research 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’s stock. The company presently has an average rating of “Buy” and a consensus price target of $58.53.
About Targa Resources
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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