Carnegie Capital Asset Management LLC reduced its stake in Targa Resources Corp. (NYSE: TRGP – Get a rating) by 18.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund held 5,531 shares of the pipeline company after selling 1,214 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Targa Resources were worth $417,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also changed their positions in the company. Maryland State Retirement & Pension System increased its equity stake in Targa Resources by 6.3% in Q1. Maryland State Retirement & Pension System now owns 17,423 shares of the pipeline company worth $1,315,000 after purchasing 1,038 additional shares during the period. Quaero Capital SA bought a new stake in the shares of Targa Resources in the 1st quarter for a value of approximately $2,264,000. Diversified Trust Co bought a new stake in shares of Targa Resources in Q1 for a value of approximately $276,000. Pacer Advisors Inc. increased its equity stake in Targa Resources to 72.9% in Q1. Pacer Advisors Inc. now owns 522,216 shares of the pipeline company worth $39,412,000 after purchasing an additional 220,172 shares during the period. Finally, Green Square Capital Advisors LLC bought a new stake in shares of Targa Resources in Q4 for a value of approximately $247,000. Hedge funds and other institutional investors hold 91.93% of the company’s shares.
In related news, the director Joe Bob Perkins sold 27,944 shares in a trade on Thursday, April 14. The stock was sold at an average price of $78.38, for a total value of $2,190,250.72. Following the transaction, the director now owns 151,018 shares of the company, valued at $11,836,790.84. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the company in a trade dated Wednesday, April 20. The shares were sold at an average price of $80.10, for a total value of $801,000.00. Following the transaction, the insider now directly owns 186,947 shares of the company, valued at $14,974,454.70. Disclosure of this sale can be found here. In the past three months, insiders have sold 63,662 shares of the company worth $4,847,249. 1.10% of the shares are held by insiders.
A number of research companies have recently commented on TRGP. TheStreet upgraded shares of Targa Resources from a ‘b-‘ rating to a ‘c’ rating in a Thursday, March 3 report. Raymond James raised his price target on Targa Resources shares from $80.00 to $92.00 and gave the company a “Strong Buy” rating in a Wednesday, April 20 report. Morgan Stanley raised its price target on Targa Resources shares from $74.00 to $103.00 and gave the company an “overweight” rating in a Tuesday, April 26 report. Wells Fargo & Company lowered its price target on Targa Resources shares to $83.00 and set an “overweight” rating on the stock in a Friday, May 20 report. To finish, StockNews.com cut shares of Targa Resources from a “buy” rating to a “hold” rating in a Thursday, May 19 report. One analyst gave the stock a hold rating, ten gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $77.00.
Targa Resources stock opened at $58.15 on Friday. The stock has a market capitalization of $13.26 billion, a P/E ratio of -100.26 and a beta of 2.53. Targa Resources Corp. has a fifty-two week low of $38.81 and a fifty-two week high of $81.50. The company’s fifty-day moving average price is $71.87 and its 200-day moving average price is $65.58. The company has a debt ratio of 1.73, a quick ratio of 0.62 and a current ratio of 0.65.
Targa Resources (NYSE: TRGP – Get a rating) last released its quarterly results on Thursday, May 5. The pipeline company reported earnings per share of $0.06 for the quarter, missing the consensus estimate of $0.89 per ($0.83). The company posted revenue of $4.96 billion in the quarter, versus a consensus estimate of $6.07 billion. Targa Resources posted a positive return on equity of 8.24% and a negative net margin of 0.22%. During the same period of the previous year, the company posted EPS of $0.53. Sell-side analysts expect Targa Resources Corp. will show earnings per share of 4.02 for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, May 16. Investors of record on Friday, April 29 received a dividend of $0.35. This represents a dividend of $1.40 on an annualized basis and a yield of 2.41%. Targa Resources’ dividend payout ratio is currently -241.38%.
Targa Resources Company Profile (Get a rating)
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, Collection and Processing, and Logistics and Transportation. The company is engaged in the gathering, compression, treatment, treatment, transportation and sale of natural gas; storage, fractionation, processing, transportation and sale of natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; and the gathering, purchase, storage, terminaling and sale of crude oil.
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