Cambridge Investment Research Advisors Inc. lowered its position in shares of Targa Resources Corp. (NYSE:TRGP – Get Rating) by 38.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,447 shares of the pipeline company’s stock after selling 5,282 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Targa Resources were worth $510,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. Fieldpoint Private Securities LLC raised its holdings in shares of Targa Resources by 21.8% during the second quarter. Fieldpoint Private Securities LLC now owns 1,074 shares of the pipeline company’s stock valued at $64,000 after acquiring an additional 192 shares during the last quarter. Checchi Capital Advisers LLC boosted its position in shares of Targa Resources by 6.6% during the second quarter. Checchi Capital Advisers LLC now owns 3,406 shares of the pipeline company’s stock worth $235,000 after buying an additional 210 shares during the period. Waldron Private Wealth LLC boosted its position in shares of Targa Resources by 1.1% during the second quarter. Waldron Private Wealth LLC now owns 21,810 shares of the pipeline company’s stock worth $1,301,000 after buying an additional 234 shares during the period. Corient Capital Partners LLC raised its stake in shares of Targa Resources by 5.9% in the second quarter. Corient Capital Partners LLC now owns 5,001 shares of the pipeline company’s stock valued at $298,000 after acquiring an additional 278 shares in the last quarter. Finally, NewEdge Wealth LLC raised its stake in shares of Targa Resources by 4.1% in the second quarter. NewEdge Wealth LLC now owns 9,176 shares of the pipeline company’s stock valued at $548,000 after acquiring an additional 362 shares in the last quarter. Institutional investors and hedge funds own 88.29% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on TRGP shares. Mizuho raised their price target on Targa Resources from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, November 8th. Citigroup began coverage on Targa Resources in a report on Thursday, December 8th. They issued a “buy” rating and a $95.00 price objective on the stock. Truist Financial lifted their price objective on Targa Resources from $85.00 to $90.00 and gave the company a “buy” rating in a report on Monday, November 28th. StockNews.com began coverage on Targa Resources in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, TheStreet lowered Targa Resources from a “b-” rating to a “c” rating in a report on Monday, December 5th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $90.00.
Insider Buying and Selling at Targa Resources
Targa Resources Stock Up 2.5 %
Shares of NYSE TRGP opened at $74.92 on Tuesday. The firm has a fifty day moving average of $71.77 and a 200-day moving average of $67.69. The company has a quick ratio of 0.60, a current ratio of 0.74 and a debt-to-equity ratio of 2.20. Targa Resources Corp. has a 52-week low of $52.60 and a 52-week high of $81.50. The stock has a market capitalization of $16.96 billion, a PE ratio of 70.68 and a beta of 2.30.
Targa Resources (NYSE:TRGP – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The pipeline company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.39). Targa Resources had a return on equity of 21.02% and a net margin of 2.34%. The business had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $6.96 billion. On average, analysts anticipate that Targa Resources Corp. will post 4.52 EPS for the current year.
Targa Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Monday, October 31st were given a $0.35 dividend. The ex-dividend date of this dividend was Friday, October 28th. This represents a $1.40 dividend on an annualized basis and a yield of 1.87%. Targa Resources’s payout ratio is currently 132.08%.
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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It 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; and gathering, storing, terminaling, purchasing, and selling crude oil.
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