Advisors Capital Management LLC Acquires 2,006 Shares of Targa Resources (TRGP)

Advisors Capital Management LLC raised its holdings in Targa Resources (NYSE:TRGP) by 0.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 219,534 shares of the pipeline company’s stock after buying an additional 2,006 shares during the period. Advisors Capital Management LLC owned approximately 0.10% of Targa Resources worth $9,659,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TRGP. Nisa Investment Advisors LLC boosted its position in Targa Resources by 9.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 24,400 shares of the pipeline company’s stock valued at $1,181,000 after buying an additional 2,200 shares during the period. Schwab Charles Investment Management Inc. lifted its position in shares of Targa Resources by 6.1% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 718,633 shares of the pipeline company’s stock worth $34,797,000 after purchasing an additional 41,308 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Targa Resources by 91.7% during the 4th quarter. State of Alaska Department of Revenue now owns 17,876 shares of the pipeline company’s stock worth $864,000 after purchasing an additional 8,550 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Targa Resources by 590.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 8,468 shares of the pipeline company’s stock worth $410,000 after purchasing an additional 7,242 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Targa Resources by 75.5% during the 4th quarter. SG Americas Securities LLC now owns 5,338 shares of the pipeline company’s stock worth $258,000 after purchasing an additional 2,296 shares during the last quarter. 95.34% of the stock is owned by institutional investors.

Shares of NYSE:TRGP opened at $48.73 on Tuesday. Targa Resources has a 12 month low of $39.59 and a 12 month high of $52.08. The company has a current ratio of 0.84, a quick ratio of 0.77 and a debt-to-equity ratio of 0.73. The firm has a market cap of $10.58 billion, a P/E ratio of -113.33 and a beta of 1.97.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 3rd. The pipeline company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.01). Targa Resources had a return on equity of 0.88% and a net margin of 1.82%. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.70 billion. equities analysts expect that Targa Resources will post -0.08 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Tuesday, May 1st were paid a dividend of $0.91 per share. The ex-dividend date of this dividend was Monday, April 30th. This represents a $3.64 annualized dividend and a yield of 7.47%. Targa Resources’s dividend payout ratio is currently -846.51%.

Several equities research analysts have recently issued reports on TRGP shares. Goldman Sachs raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Thursday, February 1st. Robert W. Baird reaffirmed a “buy” rating and set a $58.00 price objective on shares of Targa Resources in a research report on Monday, April 23rd. Stifel Nicolaus reaffirmed a “buy” rating and set a $55.00 price objective on shares of Targa Resources in a research report on Friday, February 16th. Seaport Global Securities set a $52.00 price objective on shares of Targa Resources and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, Citigroup lifted their price objective on shares of Targa Resources from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $54.00.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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