Toronto Dominion Bank increased its stake in Targa Resources Corp (NYSE:TRGP) by 7.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,176 shares of the pipeline company’s stock after acquiring an additional 2,032 shares during the period. Toronto Dominion Bank’s holdings in Targa Resources were worth $1,699,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Waddell & Reed Financial Inc. raised its stake in shares of Targa Resources by 4.3% in the second quarter. Waddell & Reed Financial Inc. now owns 215,430 shares of the pipeline company’s stock valued at $10,662,000 after acquiring an additional 8,950 shares in the last quarter. Baird Financial Group Inc. increased its holdings in Targa Resources by 4.6% in the second quarter. Baird Financial Group Inc. now owns 42,704 shares of the pipeline company’s stock valued at $2,113,000 after buying an additional 1,861 shares during the last quarter. IFM Investors Pty Ltd increased its holdings in Targa Resources by 14.2% in the third quarter. IFM Investors Pty Ltd now owns 11,591 shares of the pipeline company’s stock valued at $653,000 after buying an additional 1,444 shares during the last quarter. Andra AP fonden purchased a new position in Targa Resources in the second quarter valued at $1,539,000. Finally, PointState Capital LP increased its holdings in Targa Resources by 92.3% in the second quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock valued at $438,150,000 after buying an additional 4,248,784 shares during the last quarter. Institutional investors and hedge funds own 92.66% of the company’s stock.
In other Targa Resources news, Director Chris Tong bought 2,200 shares of the firm’s stock in a transaction dated Friday, November 16th. The stock was acquired at an average price of $47.00 per share, for a total transaction of $103,400.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.76% of the stock is currently owned by corporate insiders.
Shares of TRGP stock opened at $44.40 on Monday. Targa Resources Corp has a 1 year low of $41.13 and a 1 year high of $59.21. The stock has a market cap of $10.18 billion, a price-to-earnings ratio of -103.26 and a beta of 1.95. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.68.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.31). Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.67 billion. Analysts predict that Targa Resources Corp will post 0.31 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were paid a dividend of $0.91 per share. The ex-dividend date of this dividend was Tuesday, October 30th. This represents a $3.64 annualized dividend and a dividend yield of 8.20%. Targa Resources’s dividend payout ratio (DPR) is -846.51%.
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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.
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