Quadrant Private Wealth Management LLC purchased a new position in Targa Resources Corp (NYSE:TRGP) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,196 shares of the pipeline company’s stock, valued at approximately $208,000.
Several other institutional investors also recently bought and sold shares of the company. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of Targa Resources in the first quarter worth $103,000. James Hambro & Partners purchased a new stake in shares of Targa Resources in the second quarter worth $113,000. Sit Investment Associates Inc. purchased a new stake in shares of Targa Resources in the second quarter worth $127,000. IBM Retirement Fund purchased a new stake in shares of Targa Resources in the first quarter worth $206,000. Finally, Benedict Financial Advisors Inc. purchased a new stake in shares of Targa Resources in the second quarter worth $211,000. 92.71% of the stock is owned by hedge funds and other institutional investors.
Targa Resources opened at $53.98 on Friday, according to Marketbeat.com. Targa Resources Corp has a twelve month low of $39.59 and a twelve month high of $54.81. The company has a current ratio of 0.84, a quick ratio of 0.77 and a debt-to-equity ratio of 0.73. The stock has a market cap of $11.49 billion, a price-to-earnings ratio of 525.20 and a beta of 2.02.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Wednesday, August 1st will be given a dividend of $0.91 per share. The ex-dividend date is Tuesday, July 31st. This represents a $3.64 dividend on an annualized basis and a yield of 6.74%. Targa Resources’s payout ratio is -846.51%.
TRGP has been the topic of a number of recent analyst reports. Deutsche Bank initiated coverage on Targa Resources in a research report on Thursday, April 19th. They issued a “hold” rating and a $50.00 price objective on the stock. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, July 14th. Stifel Nicolaus set a $53.00 price objective on Targa Resources and gave the stock a “buy” rating in a research report on Friday, May 4th. Robert W. Baird reiterated a “buy” rating and issued a $58.00 price objective on shares of Targa Resources in a research report on Monday, April 23rd. Finally, Seaport Global Securities downgraded Targa Resources from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $53.00 to $55.00 in a research report on Friday, July 27th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $55.07.
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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