Achmea Investment Management B.V. Sells 8,134 Shares of Targa Resources Corp (TRGP)
Achmea Investment Management B.V. lessened its stake in shares of Targa Resources Corp (NYSE:TRGP) by 17.3% during the third quarter, HoldingsChannel.com reports. The fund owned 38,992 shares of the pipeline company’s stock after selling 8,134 shares during the period. Achmea Investment Management B.V.’s holdings in Targa Resources were worth $2,195,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Targa Resources by 4.8% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 32,930 shares of the pipeline company’s stock valued at $1,854,000 after acquiring an additional 1,500 shares in the last quarter. Berman Capital Advisors LLC acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $216,000. Chicago Partners Investment Group LLC boosted its holdings in shares of Targa Resources by 8.4% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 49,275 shares of the pipeline company’s stock valued at $2,514,000 after acquiring an additional 3,811 shares in the last quarter. Dividend Assets Capital LLC boosted its holdings in shares of Targa Resources by 1,422.3% during the 3rd quarter. Dividend Assets Capital LLC now owns 152,226 shares of the pipeline company’s stock valued at $8,572,000 after acquiring an additional 142,226 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Targa Resources by 7.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 50,127 shares of the pipeline company’s stock valued at $2,823,000 after acquiring an additional 3,452 shares in the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.
Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Targa Resources from a “hold” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Friday, November 9th. Bank of America raised Targa Resources from a “neutral” rating to a “buy” rating and set a $47.00 price objective on the stock in a report on Thursday, October 25th. They noted that the move was a valuation call. Raymond James raised their price objective on Targa Resources from $58.00 to $64.00 and gave the company a “strong-buy” rating in a report on Wednesday, October 17th. Stifel Nicolaus raised their price objective on Targa Resources from $57.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, October 11th. Finally, Credit Suisse Group assumed coverage on Targa Resources in a report on Thursday, October 11th. They set a “neutral” rating and a $60.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources has a consensus rating of “Buy” and an average price target of $58.32.
Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 8th. The pipeline company reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.31). The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.67 billion. Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. On average, equities research analysts forecast that Targa Resources Corp will post 0.55 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 7.61%. The ex-dividend date of this dividend is Tuesday, October 30th. Targa Resources’s payout ratio is presently -846.51%.
In other news, VP John Richard Klein sold 984 shares of the business’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total value of $54,739.92. Following the transaction, the vice president now directly owns 23,988 shares of the company’s stock, valued at approximately $1,334,452.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the completion of the transaction, the director now directly owns 120,105 shares in the company, valued at $6,501,283.65. The disclosure for this sale can be found here. 1.76% of the stock is currently owned by insiders.
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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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