AQR Capital Management LLC Makes New $4.14 Million Investment in Targa Resources Corp (NYSE:TRGP)

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AQR Capital Management LLC purchased a new stake in Targa Resources Corp (NYSE:TRGP) during the first quarter, according to its most recent 13F filing with the SEC. The firm purchased 635,221 shares of the pipeline company’s stock, valued at approximately $4,142,000. AQR Capital Management LLC owned approximately 0.27% of Targa Resources as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in TRGP. AlphaCrest Capital Management LLC raised its holdings in Targa Resources by 274.3% in the 4th quarter. AlphaCrest Capital Management LLC now owns 25,024 shares of the pipeline company’s stock valued at $1,022,000 after buying an additional 18,338 shares during the period. Norges Bank acquired a new position in Targa Resources in the fourth quarter valued at approximately $73,146,000. ETRADE Capital Management LLC acquired a new position in Targa Resources in the first quarter valued at approximately $94,000. Treasurer of the State of North Carolina boosted its holdings in Targa Resources by 66.9% in the first quarter. Treasurer of the State of North Carolina now owns 98,036 shares of the pipeline company’s stock valued at $677,000 after purchasing an additional 39,290 shares in the last quarter. Finally, B. Riley Wealth Management Inc. boosted its holdings in shares of Targa Resources by 21.8% in the fourth quarter. B. Riley Wealth Management Inc. now owns 33,938 shares of the pipeline company’s stock valued at $1,386,000 after acquiring an additional 6,064 shares during the period. Institutional investors and hedge funds own 84.10% of the company’s stock.

Shares of TRGP stock opened at $18.18 on Monday. Targa Resources Corp has a fifty-two week low of $3.66 and a fifty-two week high of $43.47. The stock has a market cap of $4.24 billion, a P/E ratio of -2.08 and a beta of 3.23. The business has a fifty day simple moving average of $18.74 and a 200-day simple moving average of $24.83. The company has a quick ratio of 0.93, a current ratio of 1.02 and a debt-to-equity ratio of 1.20.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.78. Targa Resources had a positive return on equity of 2.45% and a negative net margin of 22.66%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.24 billion. On average, sell-side analysts anticipate that Targa Resources Corp will post 0.36 earnings per share for the current year.

Several equities research analysts have recently weighed in on TRGP shares. US Capital Advisors downgraded Targa Resources from an “overweight” rating to a “hold” rating in a report on Tuesday, April 21st. Zacks Investment Research raised Targa Resources from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a report on Friday, May 29th. ValuEngine raised Targa Resources from a “hold” rating to a “buy” rating in a report on Friday, May 1st. Morgan Stanley increased their price objective on Targa Resources from $8.00 to $14.00 and gave the company an “underweight” rating in a report on Monday, June 1st. Finally, SunTrust Banks increased their price target on Targa Resources from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $26.89.

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, transporting, 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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