Nachman Norwood & Parrott Inc bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,819 shares of the pipeline company’s stock, valued at approximately $40,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. increased its stake in Targa Resources by 211.4% in the second quarter. First Horizon Advisors Inc. now owns 1,557 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 1,057 shares during the last quarter. CWM LLC grew its stake in shares of Targa Resources by 9,938.9% during the second quarter. CWM LLC now owns 1,807 shares of the pipeline company’s stock valued at $36,000 after buying an additional 1,789 shares during the last quarter. CX Institutional bought a new position in shares of Targa Resources during the third quarter valued at about $45,000. Cerebellum GP LLC bought a new position in shares of Targa Resources during the second quarter valued at about $67,000. Finally, Caxton Associates LP bought a new position in shares of Targa Resources during the first quarter valued at about $118,000. 80.94% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Rene R. Joyce sold 40,364 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $20.46, for a total transaction of $825,847.44. Following the completion of the transaction, the director now directly owns 241,456 shares in the company, valued at $4,940,189.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.54% of the stock is currently owned by company insiders.
A number of research analysts have recently issued reports on the company. Mizuho raised their price objective on Targa Resources from $21.00 to $24.00 and gave the company a “neutral” rating in a research note on Wednesday, August 12th. Morgan Stanley raised Targa Resources from an “underweight” rating to an “overweight” rating and set a $18.00 price objective on the stock in a research note on Friday, September 25th. Wells Fargo & Company raised their price objective on Targa Resources from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 22nd. ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a research note on Thursday, October 1st. Finally, Wolfe Research upgraded shares of Targa Resources from an “underperform” rating to a “peer perform” rating and set a $20.00 target price for the company in a report on Friday, August 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Targa Resources has an average rating of “Buy” and a consensus target price of $24.06.
Shares of TRGP opened at $16.55 on Friday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.93 and a quick ratio of 0.76. Targa Resources Corp. has a one year low of $3.66 and a one year high of $42.13. The company has a 50-day simple moving average of $15.70 and a two-hundred day simple moving average of $16.10. The firm has a market capitalization of $3.86 billion, a PE ratio of -1.98 and a beta of 2.98.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 6th. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.35. Targa Resources had a negative net margin of 22.86% and a positive return on equity of 3.89%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.63 billion. Analysts expect that Targa Resources Corp. will post 1.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Friday, October 30th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.42%. Targa Resources’s payout ratio is -49.38%.
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 Transportation. 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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