Hartree Partners LP purchased a new position in Targa Resources Corp (NYSE:TRGP) in the 3rd quarter, HoldingsChannel reports. The firm purchased 20,000 shares of the pipeline company’s stock, valued at approximately $1,126,000.
A number of other large investors have also bought and sold shares of the stock. MML Investors Services LLC raised its position in Targa Resources by 20.2% in the third quarter. MML Investors Services LLC now owns 5,700 shares of the pipeline company’s stock worth $321,000 after purchasing an additional 958 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in Targa Resources by 2.8% in the third quarter. Nomura Asset Management Co. Ltd. now owns 36,310 shares of the pipeline company’s stock worth $2,044,000 after purchasing an additional 997 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Targa Resources by 1.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,995 shares of the pipeline company’s stock worth $3,153,000 after purchasing an additional 1,009 shares in the last quarter. US Bancorp DE raised its position in Targa Resources by 4.1% in the third quarter. US Bancorp DE now owns 25,532 shares of the pipeline company’s stock worth $1,437,000 after purchasing an additional 1,014 shares in the last quarter. Finally, Wetherby Asset Management Inc. raised its position in Targa Resources by 24.5% in the third quarter. Wetherby Asset Management Inc. now owns 5,794 shares of the pipeline company’s stock worth $326,000 after purchasing an additional 1,142 shares in the last quarter. 93.25% of the stock is owned by hedge funds and other institutional investors.
In other Targa Resources news, Director Chris Tong bought 2,200 shares of the firm’s stock in a transaction on Friday, November 16th. The stock was acquired at an average price of $47.00 per share, with a total value of $103,400.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.76% of the company’s stock.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.31). Targa Resources had a net margin of 3.42% and a return on equity of 1.31%. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.67 billion. On average, equities research analysts anticipate that Targa Resources Corp will post 0.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Wednesday, October 31st were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 8.16%. The ex-dividend date was Tuesday, October 30th. Targa Resources’s payout ratio is -846.51%.
Several research firms recently issued reports on TRGP. Stifel Nicolaus reissued a “buy” rating and issued a $57.00 price target (up previously from $53.00) on shares of Targa Resources in a research report on Friday, August 10th. Zacks Investment Research lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. ValuEngine lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 23rd. Bank of America raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, October 25th. They noted that the move was a valuation call. Finally, Mizuho initiated coverage on shares of Targa Resources in a research report on Wednesday, November 28th. They issued a “neutral” rating and a $56.00 price target for the company. Nine 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. Targa Resources has an average rating of “Buy” and an average price target of $58.20.
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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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