BNP Paribas Arbitrage SA cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 20.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 66,315 shares of the pipeline company’s stock after selling 16,700 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Targa Resources were worth $3,137,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Aviva PLC raised its holdings in shares of Targa Resources by 8.9% during the second quarter. Aviva PLC now owns 128,243 shares of the pipeline company’s stock worth $5,797,000 after purchasing an additional 10,500 shares during the last quarter. Andra AP fonden increased its holdings in Targa Resources by 46.2% in the second quarter. Andra AP fonden now owns 46,500 shares of the pipeline company’s stock valued at $2,102,000 after buying an additional 14,700 shares in the last quarter. Stonepeak GP Investors Manager LLC purchased a new position in Targa Resources in the second quarter valued at $15,551,000. Usca Ria LLC increased its holdings in Targa Resources by 3.7% in the second quarter. Usca Ria LLC now owns 4,997 shares of the pipeline company’s stock valued at $226,000 after buying an additional 178 shares in the last quarter. Finally, GAM Holding AG increased its holdings in Targa Resources by 63.5% in the second quarter. GAM Holding AG now owns 28,325 shares of the pipeline company’s stock valued at $1,280,000 after buying an additional 11,000 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $41.85, for a total transaction of $95,920.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.93% of the company’s stock.
A number of analysts have recently commented on TRGP shares. ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Jefferies Group reiterated a “buy” rating and issued a $49.00 target price (down from $50.00) on shares of Targa Resources in a report on Friday, September 1st. Wells Fargo & Company reduced their price target on shares of Targa Resources from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, October 13th. BMO Capital Markets set a $51.00 price target on shares of Targa Resources and gave the company a “hold” rating in a research note on Friday, October 13th. Finally, Barclays reaffirmed a “hold” rating and set a $50.00 target price on shares of Targa Resources in a research note on Thursday, October 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $54.33.
Shares of Targa Resources, Inc. (NYSE TRGP) traded down $1.38 on Wednesday, hitting $43.65. 1,912,437 shares of the stock were exchanged, compared to its average volume of 1,891,097. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67. Targa Resources, Inc. has a 1-year low of $39.59 and a 1-year high of $61.83.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were issued a dividend of $0.91 per share. The ex-dividend date was Tuesday, October 31st. This represents a $3.64 annualized dividend and a yield of 8.34%. Targa Resources’s dividend payout ratio (DPR) is currently -143.31%.
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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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