United Capital Financial Advisers LLC Acquires New Shares in Targa Resources Corp (NYSE:TRGP)

United Capital Financial Advisers LLC acquired a new stake in shares of Targa Resources Corp (NYSE:TRGP) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,572 shares of the pipeline company’s stock, valued at approximately $405,000.

Several other institutional investors have also added to or reduced their stakes in TRGP. Tortoise Capital Advisors L.L.C. boosted its position in Targa Resources by 35.6% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock worth $546,535,000 after purchasing an additional 3,454,138 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Targa Resources by 54.4% in the first quarter. CIBC Private Wealth Group LLC now owns 3,797,110 shares of the pipeline company’s stock worth $157,770,000 after purchasing an additional 1,338,009 shares during the last quarter. Chickasaw Capital Management LLC boosted its position in Targa Resources by 20.7% in the second quarter. Chickasaw Capital Management LLC now owns 6,129,598 shares of the pipeline company’s stock worth $240,648,000 after purchasing an additional 1,049,863 shares during the last quarter. Neuberger Berman Group LLC boosted its position in Targa Resources by 20.4% in the first quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock worth $208,523,000 after purchasing an additional 849,272 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its position in Targa Resources by 8.0% in the first quarter. OppenheimerFunds Inc. now owns 7,415,134 shares of the pipeline company’s stock worth $308,099,000 after purchasing an additional 549,984 shares during the last quarter. 95.82% of the stock is currently owned by institutional investors.

Several brokerages have issued reports on TRGP. Royal Bank of Canada dropped their target price on Targa Resources to $51.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Evercore ISI reissued a “hold” rating on shares of Targa Resources in a research report on Sunday, August 11th. Bank of America set a $44.00 price objective on Targa Resources and gave the stock a “buy” rating in a research note on Tuesday, September 10th. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Finally, Raymond James raised Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, August 28th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $50.50.



Shares of NYSE TRGP traded down $0.83 during trading on Tuesday, hitting $40.45. The company had a trading volume of 865,912 shares, compared to its average volume of 2,680,881. The stock has a 50 day simple moving average of $36.76 and a 200 day simple moving average of $39.12. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.61 and a current ratio of 0.73. Targa Resources Corp has a 12 month low of $32.00 and a 12 month high of $59.21. The firm has a market capitalization of $9.65 billion, a P/E ratio of 202.25 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share (EPS) for the quarter, beating the 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, analysts predict that Targa Resources Corp will post -0.85 EPS for the current year.

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

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