Raymond James & Associates increased its stake in shares of Targa Resources Corp (NYSE:TRGP) by 22.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,154,267 shares of the pipeline company’s stock after acquiring an additional 215,206 shares during the quarter. Raymond James & Associates’ holdings in Targa Resources were worth $55,890,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of TRGP. The Manufacturers Life Insurance Company lifted its position in Targa Resources by 12.8% during the second quarter. The Manufacturers Life Insurance Company now owns 8,723 shares of the pipeline company’s stock valued at $395,000 after purchasing an additional 990 shares during the last quarter. Grassi Investment Management lifted its position in Targa Resources by 3.0% during the fourth quarter. Grassi Investment Management now owns 35,411 shares of the pipeline company’s stock valued at $1,715,000 after purchasing an additional 1,016 shares during the last quarter. IFP Advisors Inc lifted its position in Targa Resources by 6.5% during the fourth quarter. IFP Advisors Inc now owns 18,968 shares of the pipeline company’s stock valued at $918,000 after purchasing an additional 1,152 shares during the last quarter. Johnson Financial Group LLC lifted its position in Targa Resources by 26.2% during the third quarter. Johnson Financial Group LLC now owns 5,863 shares of the pipeline company’s stock valued at $277,000 after purchasing an additional 1,217 shares during the last quarter. Finally, Toronto Dominion Bank lifted its position in Targa Resources by 8.5% during the third quarter. Toronto Dominion Bank now owns 16,088 shares of the pipeline company’s stock valued at $761,000 after purchasing an additional 1,254 shares during the last quarter. Hedge funds and other institutional investors own 90.31% of the company’s stock.
Several research firms have commented on TRGP. ValuEngine lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Stifel Nicolaus lowered their price objective on shares of Targa Resources from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Monday, November 20th. UBS Group reiterated a “neutral” rating and set a $58.00 price objective (up previously from $56.00) on shares of Targa Resources in a research report on Friday, March 2nd. Goldman Sachs Group raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 target price on the stock in a research note on Thursday, February 1st. Finally, Seaport Global Securities set a $52.00 target price on shares of Targa Resources and gave the company a “buy” rating in a research note on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $54.35.
Targa Resources Corp (NYSE TRGP) opened at $47.14 on Wednesday. Targa Resources Corp has a 1 year low of $39.59 and a 1 year high of $60.62. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 0.70.
Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.04). The firm had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Targa Resources had a net margin of 0.27% and a negative return on equity of 1.24%. analysts forecast that Targa Resources Corp will post -0.04 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a yield of 7.72%. The ex-dividend date was Wednesday, January 31st. Targa Resources’s payout ratio is presently -742.84%.
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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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