Targa Resources Corp (TRGP) Shares Bought by RR Advisors LLC
RR Advisors LLC lifted its position in Targa Resources Corp (NYSE:TRGP) by 16.6% in the third quarter, HoldingsChannel reports. The firm owned 1,892,000 shares of the pipeline company’s stock after acquiring an additional 270,000 shares during the period. Targa Resources comprises 10.2% of RR Advisors LLC’s investment portfolio, making the stock its 2nd largest holding. RR Advisors LLC’s holdings in Targa Resources were worth $106,503,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. PointState Capital LP raised its stake in Targa Resources by 92.3% during the second quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after acquiring an additional 4,248,784 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Targa Resources during the second quarter worth $96,070,000. HITE Hedge Asset Management LLC acquired a new position in Targa Resources during the second quarter worth $34,898,000. Tortoise Capital Advisors L.L.C. raised its stake in Targa Resources by 7.0% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,414,256 shares of the pipeline company’s stock worth $416,422,000 after acquiring an additional 549,161 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Targa Resources by 17.7% during the third quarter. Jennison Associates LLC now owns 3,591,035 shares of the pipeline company’s stock worth $202,211,000 after acquiring an additional 540,140 shares in the last quarter. Institutional investors and hedge funds own 92.66% of the company’s stock.
Shares of TRGP stock opened at $47.95 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. The firm has a market cap of $10.89 billion, a PE ratio of -111.51 and a beta of 1.95. Targa Resources Corp has a 52 week low of $41.03 and a 52 week high of $59.21.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 7.59%. The ex-dividend date was Tuesday, October 30th. Targa Resources’s payout ratio is presently -846.51%.
Several research analysts have issued reports on TRGP shares. Zacks Investment Research upgraded Targa Resources from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Tuesday, August 28th. Robert W. Baird set a $62.00 price objective on Targa Resources and gave the stock a “buy” rating in a research note on Wednesday, August 15th. Citigroup increased their price objective on Targa Resources from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Royal Bank of Canada increased their price objective on Targa Resources from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, August 10th. Finally, SunTrust Banks set a $56.00 price objective on Targa Resources and gave the stock a “hold” rating in a research note on Friday, August 17th. Eight investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources presently has a consensus rating of “Buy” and an average price target of $58.32.
In other news, VP John Richard Klein sold 984 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total transaction of $54,739.92. Following the sale, the vice president now owns 23,988 shares in the company, valued at $1,334,452.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.76% of the stock is currently owned by corporate insiders.
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Targa Resources 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, 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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