Eaton Vance Management Purchases New Position in Targa Resources (TRGP)

Eaton Vance Management purchased a new position in shares of Targa Resources (NYSE:TRGP) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 20,524 shares of the pipeline company’s stock, valued at approximately $903,000.

A number of other large investors have also modified their holdings of TRGP. IFP Advisors Inc lifted its stake in shares of Targa Resources by 6.5% in the 4th quarter. IFP Advisors Inc now owns 18,968 shares of the pipeline company’s stock worth $918,000 after acquiring an additional 1,152 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its stake in shares of Targa Resources by 1.3% in the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 90,635 shares of the pipeline company’s stock worth $3,988,000 after acquiring an additional 1,200 shares during the period. Raymond James Trust N.A. lifted its stake in shares of Targa Resources by 21.5% in the 4th quarter. Raymond James Trust N.A. now owns 7,321 shares of the pipeline company’s stock worth $354,000 after acquiring an additional 1,295 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in shares of Targa Resources by 3.7% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,529 shares of the pipeline company’s stock worth $1,817,000 after acquiring an additional 1,351 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Targa Resources by 10.4% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 15,551 shares of the pipeline company’s stock worth $753,000 after acquiring an additional 1,464 shares during the period. Hedge funds and other institutional investors own 95.34% of the company’s stock.

Shares of Targa Resources opened at $48.51 on Thursday, according to MarketBeat Ratings. The company has a quick ratio of 0.77, a current ratio of 0.84 and a debt-to-equity ratio of 0.73. Targa Resources has a 52 week low of $39.59 and a 52 week high of $52.08. The stock has a market capitalization of $10.66 billion, a P/E ratio of -112.81 and a beta of 1.97.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data 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 net margin of 1.82% and a return on equity of 0.88%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.70 billion. research analysts anticipate that Targa Resources will post -0.08 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Tuesday, May 1st were paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 7.50%. The ex-dividend date was Monday, April 30th. Targa Resources’s dividend payout ratio (DPR) is -846.51%.

Several research firms have recently commented on TRGP. Barclays reduced their target price on shares of Targa Resources from $58.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, April 17th. Goldman Sachs Group upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Thursday, February 1st. Robert W. Baird set a $60.00 target price on shares of Targa Resources and gave the stock a “buy” rating in a research note on Wednesday, March 14th. ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Finally, UBS restated a “neutral” rating and issued a $58.00 target price (up previously from $56.00) on shares of Targa Resources in a research note on Friday, March 2nd. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $54.00.

Targa Resources 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.

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

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