Andra AP fonden Increases Position in Targa Resources Corp (TRGP)

Andra AP fonden increased its holdings in Targa Resources Corp (NYSE:TRGP) by 21.5% during the 3rd quarter, Holdings Channel reports. The firm owned 37,800 shares of the pipeline company’s stock after buying an additional 6,700 shares during the period. Andra AP fonden’s holdings in Targa Resources were worth $2,129,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC boosted its stake in 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 buying an additional 1,246 shares during the period. James Hambro & Partners purchased a new position in Targa Resources during the second quarter worth $113,000. Sit Investment Associates Inc. purchased a new position in Targa Resources during the second quarter worth $127,000. Laurel Wealth Advisors Inc. purchased a new position in Targa Resources during the second quarter worth $201,000. Finally, Texas Yale Capital Corp. purchased a new position in Targa Resources during the second quarter worth $202,000. Institutional investors own 91.92% of the company’s stock.

In related news, CAO John Richard Klein sold 2,092 shares of the company’s stock in a transaction dated 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 directly owns 24,972 shares of the company’s stock, valued at $1,336,501.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles R. Crisp sold 3,100 shares of the company’s stock in a transaction dated Monday, August 20th. The stock was 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 $6,501,283.65. The disclosure for this sale can be found here. Insiders have sold 6,176 shares of company stock valued at $334,507 over the last three months. Insiders own 1.76% of the company’s stock.



TRGP has been the subject of several recent analyst reports. Jefferies Financial Group reaffirmed a “$51.76” rating and set a $55.00 price objective on shares of Targa Resources in a research note on Wednesday, July 18th. Raymond James reaffirmed a “buy” rating on shares of Targa Resources in a research note on Monday, August 13th. UBS Group lifted their price objective on shares of Targa Resources from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Friday, August 10th. Stifel Nicolaus reaffirmed a “buy” rating and set a $57.00 price objective (up from $53.00) on shares of Targa Resources in a research note on Friday, August 10th. Finally, Citigroup lifted their price objective on shares of Targa Resources from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $58.53.

Shares of TRGP opened at $51.44 on Friday. The firm has a market cap of $11.83 billion, a PE ratio of -119.63 and a beta of 2.08. Targa Resources Corp has a 12-month low of $40.42 and a 12-month high of $59.21. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.40. The firm had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. Analysts predict that Targa Resources Corp will post 0.31 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 7.08%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s dividend payout ratio is currently -846.51%.

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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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