Redpoint Investment Management Pty Ltd lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 27.3% during the fourth quarter, Holdings Channel reports. The fund owned 62,679 shares of the pipeline company’s stock after selling 23,576 shares during the quarter. Redpoint Investment Management Pty Ltd’s holdings in Targa Resources were worth $1,653,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nachman Norwood & Parrott Inc acquired a new stake in shares of Targa Resources in the third quarter worth $40,000. Neo Ivy Capital Management raised its position in shares of Targa Resources by 62.8% in the 3rd quarter. Neo Ivy Capital Management now owns 3,069 shares of the pipeline company’s stock valued at $43,000 after acquiring an additional 1,184 shares during the period. CX Institutional acquired a new stake in shares of Targa Resources in the 3rd quarter valued at approximately $45,000. Cerebellum GP LLC raised its holdings in Targa Resources by 173.4% during the 3rd quarter. Cerebellum GP LLC now owns 3,778 shares of the pipeline company’s stock worth $53,000 after buying an additional 2,396 shares during the period. Finally, Freestone Capital Holdings LLC acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $67,000. 80.94% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have commented on TRGP shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price objective on shares of Targa Resources from $22.00 to $36.00 in a research report on Wednesday. Royal Bank of Canada upped their target price on Targa Resources from $26.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, December 7th. Raymond James raised their target price on Targa Resources from $26.00 to $36.00 and gave the company a “strong-buy” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on Targa Resources from $33.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, December 21st. Finally, Morgan Stanley raised their price target on Targa Resources from $22.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, December 11th. Seven research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and an average target price of $27.89.

In other Targa Resources news, Director James W. Whalen sold 5,000 shares of Targa Resources stock in a transaction dated Thursday, January 7th. The stock was sold at an average price of $30.00, for a total transaction of $150,000.00. Following the completion of the transaction, the director now owns 184,279 shares in the company, valued at approximately $5,528,370. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James W. Whalen sold 10,000 shares of Targa Resources stock in a transaction dated Tuesday, December 15th. The shares were sold at an average price of $27.50, for a total value of $275,000.00. Following the transaction, the director now owns 202,279 shares of the company’s stock, valued at approximately $5,562,672.50. The disclosure for this sale can be found here. 1.54% of the stock is owned by company insiders.

Shares of NYSE TRGP opened at $30.69 on Thursday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.76 and a current ratio of 0.93. The business’s 50 day moving average price is $26.86 and its 200-day moving average price is $20.02. Targa Resources Corp. has a fifty-two week low of $3.66 and a fifty-two week high of $41.74. The company has a market cap of $7.03 billion, a price-to-earnings ratio of -3.68 and a beta of 2.95.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 5th. The pipeline company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.07. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. Sell-side analysts predict that Targa Resources Corp. will post 1.31 earnings per share for the current year.

Targa Resources Company 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 Transportation. 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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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