Pinnacle Holdings LLC raised its holdings in Targa Resources Corp (NYSE:TRGP) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 74,203 shares of the pipeline company’s stock after buying an additional 1,129 shares during the quarter. Targa Resources accounts for 1.1% of Pinnacle Holdings LLC’s investment portfolio, making the stock its 26th largest holding. Pinnacle Holdings LLC’s holdings in Targa Resources were worth $2,913,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in shares of Targa Resources by 18.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,527,520 shares of the pipeline company’s stock valued at $91,023,000 after acquiring an additional 387,257 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Targa Resources by 11.3% during the fourth quarter. Geode Capital Management LLC now owns 2,377,266 shares of the pipeline company’s stock valued at $85,752,000 after acquiring an additional 241,381 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of Targa Resources by 2.4% during the first quarter. Bank of Montreal Can now owns 74,718 shares of the pipeline company’s stock valued at $3,105,000 after acquiring an additional 1,724 shares in the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Targa Resources by 1.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 307,139 shares of the pipeline company’s stock valued at $12,762,000 after acquiring an additional 3,945 shares in the last quarter. Finally, Stephens Inc. AR increased its holdings in shares of Targa Resources by 9.6% during the first quarter. Stephens Inc. AR now owns 22,965 shares of the pipeline company’s stock valued at $954,000 after acquiring an additional 2,002 shares in the last quarter. 99.02% of the stock is currently owned by hedge funds and other institutional investors.
NYSE TRGP traded up $0.54 on Friday, hitting $39.82. The company’s stock had a trading volume of 77,910 shares, compared to its average volume of 2,515,189. Targa Resources Corp has a 52-week low of $32.00 and a 52-week high of $59.21. The company has a current ratio of 0.73, a quick ratio of 0.61 and a debt-to-equity ratio of 0.74. The company’s 50-day simple moving average is $36.29 and its 200 day simple moving average is $39.13. The firm has a market cap of $9.11 billion, a P/E ratio of 199.03 and a beta of 1.75.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.15. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $2.36 billion. On average, research analysts forecast that Targa Resources Corp will post -0.84 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 9.14%. The ex-dividend date was Tuesday, July 30th. Targa Resources’s dividend payout ratio (DPR) is currently 1,820.00%.
Several research firms have recently commented on TRGP. SunTrust Banks set a $45.00 price objective on Targa Resources and gave the company a “buy” rating in a report on Friday, August 9th. Mizuho set a $45.00 price objective on Targa Resources and gave the company a “hold” rating in a report on Friday, July 12th. Credit Suisse Group decreased their price target on Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a report on Thursday, August 15th. Barclays reiterated a “buy” rating and set a $48.00 price target on shares of Targa Resources in a report on Thursday, July 18th. Finally, Bank of America set a $44.00 price target on Targa Resources and gave the stock a “buy” rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $51.24.
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, 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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