Artemis Investment Management LLP grew its holdings in Targa Resources Corp (NYSE:TRGP) by 7.6% in the third quarter, HoldingsChannel reports. The fund owned 1,050,050 shares of the pipeline company’s stock after buying an additional 73,764 shares during the period. Artemis Investment Management LLP’s holdings in Targa Resources were worth $42,085,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in TRGP. Cerebellum GP LLC bought a new stake in shares of Targa Resources in the first quarter valued at about $27,000. HM Payson & Co. bought a new stake in shares of Targa Resources in the second quarter valued at about $28,000. Arlington Partners LLC bought a new stake in shares of Targa Resources in the second quarter valued at about $29,000. Personal Wealth Partners bought a new stake in Targa Resources during the second quarter worth about $36,000. Finally, Valeo Financial Advisors LLC lifted its position in Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after purchasing an additional 495 shares during the period. 95.82% of the stock is owned by institutional investors.
NYSE TRGP traded up $0.25 during trading on Thursday, hitting $38.39. 24,622 shares of the company’s stock were exchanged, compared to its average volume of 2,242,884. 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 has a market cap of $9.03 billion, a PE ratio of 192.70 and a beta of 1.77. Targa Resources Corp has a fifty-two week low of $32.00 and a fifty-two week high of $58.04. The stock’s 50 day moving average price is $38.24 and its two-hundred day moving average price is $39.07.
Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 8th. The pipeline company reported ($0.18) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.15. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. Analysts forecast that Targa Resources Corp will post -0.88 earnings per share for the current fiscal year.
Several research firms recently weighed in on TRGP. Zacks Investment Research raised shares of Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 18th. Barclays reaffirmed a “buy” rating and set a $48.00 price objective on shares of Targa Resources in a research report on Thursday, July 18th. Credit Suisse Group cut their price objective on shares of Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Bank of America set a $44.00 price objective on shares of Targa Resources and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Royal Bank of Canada cut their price objective on shares of Targa Resources to $51.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $50.00.
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, 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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