Massachusetts Financial Services Co. MA reduced its stake in Targa Resources (NYSE:TRGP) by 8.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,110,996 shares of the pipeline company’s stock after selling 98,885 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Targa Resources were worth $48,884,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of TRGP. Clal Insurance Enterprises Holdings Ltd purchased a new stake in Targa Resources in the 1st quarter valued at about $103,000. SeaCrest Wealth Management LLC purchased a new stake in Targa Resources in the 4th quarter valued at about $111,000. James Hambro & Partners purchased a new stake in Targa Resources in the 4th quarter valued at about $111,000. Searle & CO. purchased a new stake in Targa Resources in the 4th quarter valued at about $200,000. Finally, Quadrant Private Wealth Management LLC purchased a new stake in Targa Resources in the 4th quarter valued at about $203,000. Hedge funds and other institutional investors own 90.67% of the company’s stock.
Shares of Targa Resources opened at $48.71 on Wednesday, according to Marketbeat. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.84 and a quick ratio of 0.77. The company has a market capitalization of $10.53 billion, a P/E ratio of -113.28 and a beta of 1.97. Targa Resources has a 52-week low of $48.30 and a 52-week high of $48.97.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.04). The business had revenue of $2.70 billion during the quarter, compared to analyst estimates of $2.30 billion. Targa Resources had a net margin of 1.82% and a return on equity of 0.88%. sell-side analysts predict that Targa Resources will post -0.09 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Tuesday, May 1st were issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 7.47%. The ex-dividend date of this dividend was Monday, April 30th. Targa Resources’s dividend payout ratio (DPR) is -846.51%.
A number of brokerages have issued reports on TRGP. ValuEngine lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Robert W. Baird set a $60.00 price objective on Targa Resources and gave the stock a “buy” rating in a research report on Wednesday, March 14th. Stifel Nicolaus reissued a “buy” rating and set a $55.00 price objective on shares of Targa Resources in a research report on Friday, February 16th. Citigroup boosted their price objective on Targa Resources from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, February 6th. Finally, UBS reissued a “neutral” rating and set a $58.00 price objective (up from $56.00) on shares of Targa Resources in a research report 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. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.
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, 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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