Penbrook Management LLC Raises Stock Holdings in Targa Resources Corp (NYSE:TRGP)

Penbrook Management LLC boosted its holdings in Targa Resources Corp (NYSE:TRGP) by 7.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,795 shares of the pipeline company’s stock after purchasing an additional 1,420 shares during the period. Penbrook Management LLC’s holdings in Targa Resources were worth $876,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of TRGP. Sit Investment Associates Inc. boosted its holdings in Targa Resources by 10.7% in the first quarter. Sit Investment Associates Inc. now owns 76,000 shares of the pipeline company’s stock valued at $3,158,000 after purchasing an additional 7,350 shares during the last quarter. RR Advisors LLC lifted its holdings in Targa Resources by 2.4% during the 1st quarter. RR Advisors LLC now owns 2,565,000 shares of the pipeline company’s stock worth $106,590,000 after buying an additional 61,000 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in Targa Resources by 21.7% during the 1st quarter. Belpointe Asset Management LLC now owns 18,109 shares of the pipeline company’s stock worth $752,000 after buying an additional 3,231 shares during the last quarter. Benefit Street Partners LLC bought a new position in Targa Resources during the 1st quarter worth approximately $2,223,000. Finally, Clearbridge Investments LLC lifted its holdings in Targa Resources by 4.1% during the 1st quarter. Clearbridge Investments LLC now owns 3,186,219 shares of the pipeline company’s stock worth $132,387,000 after buying an additional 126,347 shares during the last quarter. 95.82% of the stock is owned by hedge funds and other institutional investors.

TRGP has been the topic of a number of research analyst reports. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a report on Sunday, August 11th. Robert W. Baird reduced their target price on Targa Resources from $67.00 to $49.00 and set an “outperform” rating on the stock in a report on Tuesday. SunTrust Banks set a $45.00 target price on Targa Resources and gave the stock a “buy” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus downgraded Targa Resources from a “buy” rating to a “hold” rating and set a $41.00 target price on the stock. in a report on Friday. Eight analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $47.67.

Shares of NYSE TRGP opened at $39.46 on Friday. Targa Resources Corp has a 12-month low of $32.00 and a 12-month high of $57.61. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.61. The stock’s 50 day simple moving average is $38.38 and its 200 day simple moving average is $39.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.15. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. Sell-side analysts expect that Targa Resources Corp will post -0.88 earnings per share for the current year.

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, 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.

Further Reading: Why do companies pay special dividends?

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp (NYSE:TRGP).

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.