Fiduciary Financial Services of The Southwest Inc. TX trimmed its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 13.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,471 shares of the pipeline company’s stock after selling 1,182 shares during the quarter. Fiduciary Financial Services of The Southwest Inc. TX’s holdings in Targa Resources were worth $300,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of TRGP. HM Payson & Co. bought a new stake in shares of Targa Resources in the 2nd quarter valued at $28,000. Arlington Partners LLC bought a new stake in shares of Targa Resources in the 2nd quarter valued at $29,000. Personal Wealth Partners bought a new stake in shares of Targa Resources in the 2nd quarter valued at $36,000. Valeo Financial Advisors LLC boosted its stake 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 valued at $38,000 after purchasing an additional 495 shares during the last quarter. Finally, Mcmillion Capital Management Inc. bought a new stake in shares of Targa Resources in the 2nd quarter valued at $39,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Targa Resources stock traded down $0.05 during trading on Thursday, reaching $40.51. 26,618 shares of the company traded hands, compared to its average volume of 1,500,183. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.61. Targa Resources Corp has a 1-year low of $32.00 and a 1-year high of $55.07. The company has a 50 day moving average price of $39.57 and a 200-day moving average price of $38.95. The firm has a market capitalization of $9.44 billion, a PE ratio of 202.50 and a beta of 1.77.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.99%. Targa Resources’s payout ratio is presently 1,820.00%.
A number of equities research analysts have recently commented on the stock. Stifel Nicolaus lowered shares of Targa Resources from a “buy” rating to a “hold” rating and set a $41.00 price objective on the stock. in a research note on Friday, October 11th. Zacks Investment Research lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Wednesday. Royal Bank of Canada reduced their price objective on shares of Targa Resources to $51.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Raymond James raised shares of 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. Finally, Credit Suisse Group reduced their price objective on shares of Targa Resources from $49.00 to $44.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Targa Resources has a consensus rating of “Buy” and an average target price of $47.83.
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, 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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