Baird Financial Group Inc. raised its holdings in Targa Resources Corp (NYSE:TRGP) by 2.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 43,930 shares of the pipeline company’s stock after buying an additional 1,226 shares during the quarter. Baird Financial Group Inc.’s holdings in Targa Resources were worth $2,530,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Targa Resources by 38.7% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,620 shares of the pipeline company’s stock worth $767,000 after acquiring an additional 3,800 shares during the period. Dimensional Fund Advisors LP grew its holdings in Targa Resources by 1.4% during the third quarter. Dimensional Fund Advisors LP now owns 2,140,263 shares of the pipeline company’s stock worth $120,519,000 after acquiring an additional 29,259 shares during the period. Meiji Yasuda Life Insurance Co acquired a new stake in Targa Resources during the third quarter worth about $214,000. Great West Life Assurance Co. Can grew its holdings in Targa Resources by 6.9% during the third quarter. Great West Life Assurance Co. Can now owns 132,027 shares of the pipeline company’s stock worth $7,443,000 after acquiring an additional 8,550 shares during the period. Finally, Shell Asset Management Co. grew its holdings in Targa Resources by 16.4% during the third quarter. Shell Asset Management Co. now owns 16,372 shares of the pipeline company’s stock worth $922,000 after acquiring an additional 2,307 shares during the period. Institutional investors own 93.25% of the company’s stock.
Several brokerages have commented on TRGP. Zacks Investment Research lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Wednesday, November 7th. Barclays raised their price objective on Targa Resources from $52.00 to $54.00 and gave the company a “hold” rating in a report on Wednesday, August 29th. Citigroup lowered Targa Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $56.00 to $45.00 in a report on Thursday, November 29th. ValuEngine lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Friday, November 23rd. Finally, Raymond James reissued a “buy” rating on shares of Targa Resources in a report on Monday, August 13th. Nine analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $58.20.
NYSE TRGP opened at $44.55 on Monday. The company has a market capitalization of $10.21 billion, a PE ratio of -103.60 and a beta of 1.91. Targa Resources Corp has a 1-year low of $41.75 and a 1-year high of $59.21. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78.
Targa Resources (NYSE:TRGP) last released 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). The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Targa Resources had a net margin of 3.42% and a return on equity of 1.31%. On average, research analysts predict that Targa Resources Corp will post 0.26 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were given a $0.91 dividend. The ex-dividend date was Tuesday, October 30th. This represents a $3.64 annualized dividend and a dividend yield of 8.17%. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
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 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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