Stratos Wealth Partners LTD. raised its position in shares of Targa Resources Corp (NYSE:TRGP) by 7.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,795 shares of the pipeline company’s stock after purchasing an additional 1,506 shares during the period. Stratos Wealth Partners LTD.’s holdings in Targa Resources were worth $1,171,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in TRGP. PointState Capital LP increased its holdings in shares of Targa Resources by 92.3% during the second quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after buying an additional 4,248,784 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Targa Resources in the second quarter worth $96,070,000. HITE Hedge Asset Management LLC bought a new stake in shares of Targa Resources in the second quarter worth $34,898,000. Tortoise Capital Advisors L.L.C. grew its stake in shares of Targa Resources by 7.0% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock worth $416,422,000 after purchasing an additional 549,161 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Targa Resources by 13,458.9% in the second quarter. SG Americas Securities LLC now owns 533,409 shares of the pipeline company’s stock worth $26,398,000 after purchasing an additional 529,475 shares during the last quarter. Institutional investors and hedge funds own 91.98% of the company’s stock.
TRGP has been the topic of several analyst reports. Zacks Investment Research raised shares of Targa Resources from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Tuesday, August 28th. Citigroup upped their price target on shares of Targa Resources from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, July 31st. Robert W. Baird set a $62.00 price target on shares of Targa Resources and gave the company a “buy” rating in a research report on Wednesday, August 15th. Royal Bank of Canada upped their price target on shares of Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, August 10th. Finally, SunTrust Banks set a $56.00 price target on shares of Targa Resources and gave the company a “hold” rating in a research report on Friday, August 17th. Nine investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $58.53.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.31). The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.67 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. As a group, sell-side analysts expect that Targa Resources Corp will post 0.55 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be given a dividend of $0.91 per share. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.64 dividend on an annualized basis and a dividend yield of 6.97%. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
In other news, Director Charles R. Crisp sold 3,100 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the transaction, the director now owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John Richard Klein sold 984 shares of the stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total transaction of $54,739.92. Following the transaction, the vice president now directly owns 23,988 shares in the company, valued at approximately $1,334,452.44. The disclosure for this sale can be found here. Insiders have sold a total of 6,176 shares of company stock worth $334,507 in the last three months. Insiders own 1.76% of the company’s stock.
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, 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.
Further Reading: Hedge Funds Explained
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