Rossby Financial LCC Has $252,000 Stock Position in Targa Resources, Inc. $TRGP

Rossby Financial LCC lowered its holdings in Targa Resources, Inc. (NYSE:TRGP) by 17.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,450 shares of the pipeline company’s stock after selling 300 shares during the quarter. Rossby Financial LCC’s holdings in Targa Resources were worth $252,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. Disciplina Capital Management LLC acquired a new stake in Targa Resources in the 1st quarter valued at approximately $46,000. Olde Wealth Management LLC acquired a new stake in Targa Resources in the 1st quarter valued at approximately $52,000. Hilltop National Bank acquired a new stake in Targa Resources in the 2nd quarter valued at approximately $63,000. Finally, Raleigh Capital Management Inc. grew its holdings in Targa Resources by 1,173.5% in the 1st quarter. Raleigh Capital Management Inc. now owns 433 shares of the pipeline company’s stock valued at $87,000 after buying an additional 399 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $152.56 on Wednesday. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The company has a market capitalization of $32.83 billion, a PE ratio of 21.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.12. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The business has a 50 day simple moving average of $161.98 and a 200 day simple moving average of $165.29.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 56.58%.

Analyst Ratings Changes

A number of analysts have commented on the company. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Cfra Research upgraded Targa Resources to a “hold” rating in a research report on Friday, August 8th. TD Securities assumed coverage on Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating for the company. BMO Capital Markets assumed coverage on Targa Resources in a research report on Friday, September 19th. They issued an “outperform” rating and a $185.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $209.50.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.