Penserra Capital Management LLC raised its stake in shares of Targa Resources Corp (NYSE:TRGP) by 45.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,430 shares of the pipeline company’s stock after buying an additional 2,618 shares during the quarter. Penserra Capital Management LLC’s holdings in Targa Resources were worth $348,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Great West Life Assurance Co. Can grew its holdings in shares of Targa Resources by 4.9% during the first quarter. Great West Life Assurance Co. Can now owns 200,446 shares of the pipeline company’s stock worth $8,306,000 after purchasing an additional 9,362 shares in the last quarter. US Bancorp DE grew its holdings in shares of Targa Resources by 13.5% during the first quarter. US Bancorp DE now owns 20,313 shares of the pipeline company’s stock worth $844,000 after purchasing an additional 2,410 shares in the last quarter. Strategy Asset Managers LLC purchased a new position in shares of Targa Resources during the first quarter worth about $36,000. New York State Common Retirement Fund grew its holdings in shares of Targa Resources by 0.8% during the first quarter. New York State Common Retirement Fund now owns 391,300 shares of the pipeline company’s stock worth $16,259,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Targa Resources by 6.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 900,545 shares of the pipeline company’s stock worth $37,418,000 after purchasing an additional 52,739 shares in the last quarter. 93.31% of the stock is owned by institutional investors and hedge funds.
Shares of TRGP stock opened at $40.46 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.58 and a debt-to-equity ratio of 0.97. Targa Resources Corp has a fifty-two week low of $33.55 and a fifty-two week high of $59.21. The company has a market capitalization of $9.41 billion, a price-to-earnings ratio of 202.30 and a beta of 2.01.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st were given a $0.91 dividend. The ex-dividend date was Tuesday, April 30th. This represents a $3.64 annualized dividend and a yield of 9.00%. Targa Resources’s payout ratio is currently 1,820.00%.
In related news, Director Robert B. Evans acquired 51,420 shares of the stock in a transaction on Friday, May 10th. The stock was purchased at an average price of $39.38 per share, for a total transaction of $2,024,919.60. Following the completion of the transaction, the director now owns 38,506 shares of the company’s stock, valued at approximately $1,516,366.28. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.86% of the company’s stock.
A number of analysts recently weighed in on TRGP shares. Evercore ISI restated an “in-line” rating on shares of Targa Resources in a research report on Wednesday, April 24th. Credit Suisse Group set a $50.00 target price on Targa Resources and gave the stock a “buy” rating in a research report on Friday, April 5th. Zacks Investment Research downgraded Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 11th. Raymond James downgraded Targa Resources from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, April 16th. Finally, ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and an average price target of $55.45.
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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