Pictet Asset Management Ltd. decreased its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 1.5% in the second quarter, Holdings Channel.com reports. The firm owned 50,693 shares of the pipeline company’s stock after selling 750 shares during the period. Pictet Asset Management Ltd.’s holdings in Targa Resources were worth $1,990,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerebellum GP LLC bought a new position in shares of Targa Resources during the first quarter valued at approximately $27,000. Arlington Partners LLC bought a new position in shares of Targa Resources during the second quarter valued at approximately $29,000. Strategy Asset Managers LLC bought a new position in shares of Targa Resources during the first quarter valued at approximately $36,000. Personal Wealth Partners bought a new position in shares of Targa Resources during the second quarter valued at approximately $36,000. Finally, Valeo Financial Advisors LLC increased its stake in shares of Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock valued at $38,000 after purchasing an additional 495 shares in the last quarter. 95.82% of the stock is owned by institutional investors and hedge funds.
Shares of TRGP traded down $0.49 on Thursday, hitting $41.15. 547,746 shares of the stock traded hands, compared to its average volume of 2,568,340. The company has a market capitalization of $10.07 billion, a PE ratio of 205.75 and a beta of 1.75. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.61 and a current ratio of 0.73. The business has a 50 day simple moving average of $36.42 and a 200 day simple moving average of $39.12. Targa Resources Corp has a one year low of $32.00 and a one year high of $59.21.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.15. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.36 billion. Targa Resources had a negative net margin of 1.81% and a negative return on equity of 0.17%. On average, equities analysts expect that Targa Resources Corp will post -0.85 earnings per share for the current year.
A number of equities analysts have weighed in on TRGP shares. Mizuho set a $45.00 target price on shares of Targa Resources and gave the company a “hold” rating in a research note on Friday, July 12th. UBS Group set a $54.00 target price on shares of Targa Resources and gave the company a “buy” rating in a research note on Friday, August 16th. Bank of America set a $44.00 target price on shares of Targa Resources and gave the company a “buy” rating in a research note on Tuesday, September 10th. Credit Suisse Group reduced their price target on shares of Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a research report on Thursday, August 15th. Finally, Zacks Investment Research raised shares of Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 18th. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and an average price target of $50.50.
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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