Three Peaks Capital Management LLC acquired a new stake in Targa Resources Corp (NYSE:TRGP) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 66,182 shares of the pipeline company’s stock, valued at approximately $2,659,000.
Several other hedge funds also recently added to or reduced their stakes in TRGP. RR Advisors LLC grew its stake in shares of Targa Resources by 2.4% in the 1st quarter. RR Advisors LLC now owns 2,565,000 shares of the pipeline company’s stock valued at $106,590,000 after purchasing an additional 61,000 shares during the period. Belpointe Asset Management LLC grew its stake in shares of Targa Resources by 21.7% in the 1st quarter. Belpointe Asset Management LLC now owns 18,109 shares of the pipeline company’s stock valued at $752,000 after purchasing an additional 3,231 shares during the period. Benefit Street Partners LLC bought a new stake in shares of Targa Resources in the 1st quarter valued at approximately $2,223,000. Clearbridge Investments LLC grew its stake in shares of Targa Resources by 4.1% in the 1st quarter. Clearbridge Investments LLC now owns 3,186,219 shares of the pipeline company’s stock valued at $132,387,000 after purchasing an additional 126,347 shares during the period. Finally, Cerebellum GP LLC bought a new stake in shares of Targa Resources in the 1st quarter valued at approximately $27,000. Institutional investors own 96.13% of the company’s stock.
NYSE TRGP traded up $0.41 during trading hours on Tuesday, reaching $38.86. 1,246,386 shares of the company’s stock were exchanged, compared to its average volume of 2,335,847. The stock has a market cap of $8.96 billion, a PE ratio of 194.30 and a beta of 1.77. Targa Resources Corp has a one year low of $32.00 and a one year high of $57.61. The firm has a fifty day moving average of $38.68 and a 200-day moving average of $39.03. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 8th. The pipeline company reported ($0.18) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.15. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. As a group, research analysts forecast that Targa Resources Corp will post -0.88 EPS for the current year.
Several research firms have recently weighed in on TRGP. Robert W. Baird lowered their price objective on Targa Resources from $67.00 to $49.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 8th. Credit Suisse Group lowered their price objective on Targa Resources from $49.00 to $44.00 and set an “outperform” rating on the stock in a research note on Thursday, August 15th. Raymond James upgraded Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 price objective on the stock in a research note on Wednesday, August 28th. ValuEngine lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, August 27th. Finally, Bank of America set a $44.00 price objective on Targa Resources and gave the company a “buy” rating in a research note on Tuesday, September 10th. Eight equities research 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 company. The stock has a consensus rating of “Buy” and a consensus price target of $47.67.
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, 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.
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