Bramshill Investments LLC trimmed its stake in Targa Resources Corp (NYSE:TRGP) by 4.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 39,768 shares of the pipeline company’s stock after selling 1,745 shares during the quarter. Targa Resources comprises 0.8% of Bramshill Investments LLC’s holdings, making the stock its 16th biggest position. Bramshill Investments LLC’s holdings in Targa Resources were worth $1,968,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. James Hambro & Partners bought a new stake in Targa Resources in the second quarter worth $113,000. Proficio Capital Partners LLC boosted its holdings in Targa Resources by 121.0% in the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after acquiring an additional 1,246 shares in the last quarter. Sit Investment Associates Inc. bought a new stake in Targa Resources in the second quarter worth $127,000. Texas Yale Capital Corp. bought a new stake in Targa Resources in the second quarter worth $202,000. Finally, IBM Retirement Fund bought a new stake in Targa Resources in the first quarter worth $206,000. 92.23% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have commented on the company. Stifel Nicolaus reissued a “buy” rating and issued a $57.00 target price (up from $53.00) on shares of Targa Resources in a report on Friday, August 10th. Seaport Global Securities downgraded Targa Resources from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $53.00 to $55.00 in a report on Friday, July 27th. Zacks Investment Research downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday. ValuEngine raised Targa Resources from a “hold” rating to a “buy” rating in a report on Saturday, July 14th. Finally, US Capital Advisors reissued a “hold” rating on shares of Targa Resources in a report on Tuesday, July 17th. Thirteen equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Targa Resources currently has a consensus rating of “Hold” and an average price target of $55.94.
Shares of NYSE:TRGP opened at $55.13 on Friday. The firm has a market cap of $12.53 billion, a PE ratio of -128.21 and a beta of 2.09. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73. Targa Resources Corp has a 1 year low of $39.59 and a 1 year high of $56.42.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.40. The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. research analysts predict that Targa Resources Corp will post 0.27 earnings per share for the current fiscal year.
In related news, CAO John Richard Klein sold 2,092 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the completion of the sale, the chief accounting officer now owns 24,972 shares in the company, valued at $1,336,501.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles R. Crisp sold 3,100 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the sale, the director now owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,176 shares of company stock worth $334,507. Corporate insiders own 1.76% of the company’s stock.
Targa Resources 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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