Hodges Capital Management Inc. Has $390,000 Position in Targa Resources Corp. (NYSE:TRGP)

Hodges Capital Management Inc. cut its position in Targa Resources Corp. (NYSE:TRGP) by 18.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 27,780 shares of the pipeline company’s stock after selling 6,324 shares during the quarter. Hodges Capital Management Inc.’s holdings in Targa Resources were worth $390,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Requisite Capital Management LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at approximately $461,000. Envestnet Asset Management Inc. increased its position in Targa Resources by 195.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 217,727 shares of the pipeline company’s stock worth $4,370,000 after purchasing an additional 143,932 shares in the last quarter. Guggenheim Capital LLC increased its position in Targa Resources by 8.1% during the 1st quarter. Guggenheim Capital LLC now owns 165,007 shares of the pipeline company’s stock worth $1,139,000 after purchasing an additional 12,419 shares in the last quarter. Advisor Group Holdings Inc. acquired a new position in Targa Resources during the 1st quarter worth approximately $384,000. Finally, Geode Capital Management LLC increased its position in Targa Resources by 6.4% during the 1st quarter. Geode Capital Management LLC now owns 2,940,652 shares of the pipeline company’s stock worth $20,304,000 after purchasing an additional 176,064 shares in the last quarter. Institutional investors own 80.94% of the company’s stock.

NYSE:TRGP opened at $16.55 on Friday. The firm’s fifty day moving average is $15.70 and its 200-day moving average is $16.10. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.76 and a current ratio of 0.93. Targa Resources Corp. has a 52 week low of $3.66 and a 52 week high of $42.13. The firm has a market cap of $3.86 billion, a P/E ratio of -1.98 and a beta of 2.98.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.35. Targa Resources had a negative net margin of 22.86% and a positive return on equity of 3.89%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.63 billion. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 1.13 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Friday, October 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.42%. Targa Resources’s payout ratio is presently -49.38%.

In related news, Director Rene R. Joyce sold 40,364 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $20.46, for a total transaction of $825,847.44. Following the transaction, the director now owns 241,456 shares in the company, valued at approximately $4,940,189.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.54% of the stock is owned by insiders.

A number of research firms recently issued reports on TRGP. Mizuho upped their price objective on shares of Targa Resources from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 12th. Bank of America began coverage on shares of Targa Resources in a research report on Wednesday, August 19th. They set a “buy” rating for the company. Morgan Stanley upgraded shares of Targa Resources from an “underweight” rating to an “overweight” rating and set a $18.00 price objective for the company in a research report on Friday, September 25th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 22nd. Finally, ValuEngine lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Thursday, October 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has an average rating of “Buy” and a consensus target price of $24.06.

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 Transportation. 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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