Targa Resources, Inc. (NYSE:TRGP) was the target of unusually large options trading activity on Tuesday. Stock traders bought 2,201 put options on the company. This is an increase of Infinity compared to the typical daily volume of 0 put options.
Hedge funds and other institutional investors have recently modified their holdings of the company. Shine Investment Advisory Services Inc. bought a new stake in shares of Targa Resources in the 2nd quarter valued at $105,000. Bollard Group LLC increased its stake in shares of Targa Resources by 1.1% in the 2nd quarter. Bollard Group LLC now owns 2,526 shares of the pipeline company’s stock valued at $114,000 after acquiring an additional 27 shares in the last quarter. Ffcm LLC increased its stake in shares of Targa Resources by 237.0% in the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 1,910 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Targa Resources by 24.0% in the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock valued at $122,000 after acquiring an additional 524 shares in the last quarter. Finally, Penserra Capital Management LLC increased its stake in shares of Targa Resources by 20.6% in the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock valued at $192,000 after acquiring an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 86.84% of the company’s stock.
Targa Resources (TRGP) opened at $41.90 on Friday. Targa Resources has a 1 year low of $39.59 and a 1 year high of $61.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were given a $0.91 dividend. The ex-dividend date of this dividend was Tuesday, October 31st. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.69%. Targa Resources’s dividend payout ratio (DPR) is currently -143.31%.
Several research firms have commented on TRGP. Citigroup Inc. lowered shares of Targa Resources from a “buy” rating to a “neutral” rating and decreased their target price for the company from $54.00 to $52.00 in a report on Tuesday, October 10th. Wells Fargo & Company decreased their target price on shares of Targa Resources from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, October 13th. BMO Capital Markets set a $51.00 target price on shares of Targa Resources and gave the company a “hold” rating in a report on Friday, October 13th. Jefferies Group LLC lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Monday, October 16th. Finally, Robert W. Baird reissued a “buy” rating and issued a $53.00 target price on shares of Targa Resources in a report on Sunday, September 17th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $54.44.
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Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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