IFP Advisors Inc increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,816 shares of the pipeline company’s stock after acquiring an additional 1,644 shares during the period. IFP Advisors Inc’s holdings in Targa Resources were worth $843,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. Shine Investment Advisory Services Inc. bought a new stake in Targa Resources during the second quarter worth about $105,000. Bollard Group LLC raised its holdings in Targa Resources by 1.1% during the second quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock worth $114,000 after acquiring an additional 27 shares in the last quarter. Ffcm LLC raised its holdings in Targa Resources by 237.0% during the second quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after acquiring an additional 1,910 shares in the last quarter. Van ECK Associates Corp raised its holdings in Targa Resources by 24.0% during the second quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after acquiring an additional 524 shares in the last quarter. Finally, Penserra Capital Management LLC raised its holdings in Targa Resources by 20.6% during the second quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock worth $192,000 after acquiring an additional 726 shares in the last quarter. Institutional investors and hedge funds own 87.47% of the company’s stock.
Several analysts recently issued reports on TRGP shares. Jefferies Group LLC reiterated a “buy” rating and set a $49.00 target price (down previously from $50.00) on shares of Targa Resources in a report on Friday, September 1st. Citigroup Inc. lowered Targa Resources from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $54.00 to $52.00 in a report on Tuesday, October 10th. Wells Fargo & Company upgraded Targa Resources from a “market perform” rating to an “outperform” rating in a report on Monday, July 17th. Royal Bank Of Canada dropped their target price on Targa Resources from $67.00 to $60.00 and set an “outperform” rating on the stock in a report on Friday, July 14th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $54.00 target price (down previously from $63.00) on shares of Targa Resources in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $54.67.
In other news, insider Dan C. Middlebrooks sold 2,100 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $44.70, for a total value of $93,870.00. Following the transaction, the insider now owns 50,853 shares of the company’s stock, valued at $2,273,129.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is currently owned by corporate insiders.
Targa Resources, Inc. (NYSE TRGP) opened at $43.89 on Friday. The company has a quick ratio of 0.51, a current ratio of 0.66 and a debt-to-equity ratio of 0.57.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.29%. The ex-dividend date is Tuesday, October 31st. Targa Resources’s payout ratio is -136.84%.
Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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