Deseret Mutual Benefit Administrators trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 37.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,519 shares of the pipeline company’s stock after selling 1,483 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Targa Resources were worth $124,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Toth Financial Advisory Corp purchased a new stake in shares of Targa Resources during the third quarter worth about $30,000. NEXT Financial Group Inc grew its stake in Targa Resources by 68.0% in the third quarter. NEXT Financial Group Inc now owns 630 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 255 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Targa Resources in the second quarter worth about $33,000. Harvest Fund Management Co. Ltd acquired a new position in Targa Resources in the second quarter worth about $38,000. Finally, IFP Advisors Inc grew its stake in Targa Resources by 156.7% in the third quarter. IFP Advisors Inc now owns 901 shares of the pipeline company’s stock worth $45,000 after purchasing an additional 550 shares in the last quarter. 87.30% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on the company. Raymond James lifted their price target on Targa Resources from $65.00 to $67.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 5th. Wells Fargo & Company lifted their price target on Targa Resources from $64.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, December 16th. Bank of America assumed coverage on Targa Resources in a research note on Tuesday, September 28th. They issued a “buy” rating for the company. Mizuho lifted their target price on Targa Resources from $47.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, October 27th. Finally, TheStreet upgraded Targa Resources from a “c” rating to a “b-” rating in a research note on Monday, December 6th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $51.92.
In related news, Director Rene R. Joyce sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $57.06, for a total value of $142,650.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,896 shares of company stock worth $2,868,130. 1.69% of the stock is owned by corporate insiders.
Shares of NYSE TRGP opened at $52.24 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The stock has a 50 day simple moving average of $53.47 and a 200-day simple moving average of $48.55. The company has a market cap of $11.96 billion, a PE ratio of 40.18 and a beta of 2.90. Targa Resources Corp. has a 12-month low of $25.80 and a 12-month high of $58.18.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 4th. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.25. The business had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $3.61 billion. Targa Resources had a return on equity of 7.53% and a net margin of 2.97%. Sell-side analysts forecast that Targa Resources Corp. will post 1.64 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 15th. Investors of record on Friday, October 29th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 28th. This represents a $0.40 annualized dividend and a yield of 0.77%. Targa Resources’s payout ratio is 30.77%.
About Targa Resources
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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