Miles Capital Inc. reduced its stake in Targa Resources Corp (NYSE:TRGP) by 3.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,771 shares of the pipeline company’s stock after selling 748 shares during the quarter. Miles Capital Inc.’s holdings in Targa Resources were worth $807,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Fluent Financial LLC boosted its position in Targa Resources by 0.9% during the third quarter. Fluent Financial LLC now owns 28,038 shares of the pipeline company’s stock valued at $1,126,000 after buying an additional 261 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Targa Resources by 3.9% in the third quarter. Daiwa Securities Group Inc. now owns 8,183 shares of the pipeline company’s stock valued at $329,000 after acquiring an additional 304 shares during the period. Gould Asset Management LLC CA grew its stake in shares of Targa Resources by 3.9% during the 4th quarter. Gould Asset Management LLC CA now owns 8,773 shares of the pipeline company’s stock valued at $358,000 after acquiring an additional 330 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Targa Resources by 3.8% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 12,554 shares of the pipeline company’s stock valued at $504,000 after purchasing an additional 454 shares during the period. Finally, Lakeview Capital Partners LLC increased its holdings in shares of Targa Resources by 7.1% in the third quarter. Lakeview Capital Partners LLC now owns 7,538 shares of the pipeline company’s stock worth $303,000 after purchasing an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 94.59% of the company’s stock.
TRGP has been the subject of a number of research analyst reports. Stifel Nicolaus lowered Targa Resources from a “buy” rating to a “hold” rating and set a $41.00 target price for the company. in a research report on Friday, October 11th. Wells Fargo & Co reiterated a “hold” rating on shares of Targa Resources in a research report on Tuesday, January 7th. Zacks Investment Research raised shares of Targa Resources from a “sell” rating to a “hold” rating in a report on Saturday. Wolfe Research cut shares of Targa Resources from a “peer perform” rating to an “underperform” rating and decreased their target price for the company from $39.00 to $36.00 in a research note on Wednesday, January 8th. Finally, Capital One Financial lowered shares of Targa Resources from an “overweight” rating to an “equal weight” rating and set a $42.00 price target for the company. in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $45.30.
TRGP traded down $0.53 during midday trading on Tuesday, reaching $40.75. 37,365 shares of the company’s stock were exchanged, compared to its average volume of 1,731,115. The company has a quick ratio of 0.76, a current ratio of 0.88 and a debt-to-equity ratio of 0.83. The business has a 50-day simple moving average of $39.25 and a two-hundred day simple moving average of $38.74. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of -28.79 and a beta of 1.79. Targa Resources Corp has a one year low of $32.00 and a one year high of $48.78.
Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 7th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.12). The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $2.25 billion. Targa Resources had a negative return on equity of 0.45% and a negative net margin of 2.31%. As a group, research analysts anticipate that Targa Resources Corp will post -0.9 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Friday, January 31st will be given a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 8.93%. The ex-dividend date of this dividend is Thursday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 1,820.00%.
About Targa Resources
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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