Centre Asset Management LLC Sells 1,180 Shares of Targa Resources Corp (NYSE:TRGP)

Centre Asset Management LLC cut its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 11.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,182 shares of the pipeline company’s stock after selling 1,180 shares during the period. Centre Asset Management LLC’s holdings in Targa Resources were worth $375,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Trust Co. of Vermont acquired a new position in shares of Targa Resources during the third quarter worth $25,000. HM Payson & Co. acquired a new position in shares of Targa Resources during the second quarter worth $28,000. North Star Investment Management Corp. acquired a new position in shares of Targa Resources during the third quarter worth $52,000. Venturi Wealth Management LLC acquired a new position in shares of Targa Resources during the third quarter worth $53,000. Finally, Cerebellum GP LLC acquired a new position in shares of Targa Resources during the third quarter worth $67,000. Hedge funds and other institutional investors own 95.35% of the company’s stock.

NYSE TRGP traded up $0.73 on Tuesday, reaching $40.89. The company had a trading volume of 1,818,459 shares, compared to its average volume of 2,290,662. The firm has a market cap of $9.47 billion, a price-to-earnings ratio of 204.45 and a beta of 1.79. Targa Resources Corp has a fifty-two week low of $32.00 and a fifty-two week high of $48.78. The business has a 50 day moving average of $38.66 and a two-hundred day moving average of $38.67. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.88 and a quick ratio of 0.76.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.12). The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $2.25 billion. Targa Resources had a negative net margin of 2.31% and a negative return on equity of 0.45%. As a group, research analysts predict that Targa Resources Corp will post -0.92 earnings per share for the current fiscal year.

Several research analysts have recently issued reports on TRGP shares. Piper Jaffray Companies started coverage on shares of Targa Resources in a report on Monday, November 4th. They set a “neutral” rating and a $43.00 price target for the company. Morgan Stanley started coverage on shares of Targa Resources in a report on Monday, January 6th. They set an “equal weight” rating and a $39.00 price target for the company. ValuEngine upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Friday, January 3rd. Wolfe Research downgraded shares of Targa Resources from a “peer perform” rating to an “underperform” rating and lowered their price target for the stock from $39.00 to $36.00 in a report on Wednesday, January 8th. Finally, Robert W. Baird lowered their price target on shares of Targa Resources from $49.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, December 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $45.30.

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, 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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