Spirit of America Management Corp NY lowered its holdings in Targa Resources Corp (NYSE:TRGP) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 245,874 shares of the pipeline company’s stock after selling 29,470 shares during the quarter. Targa Resources comprises about 1.5% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 24th largest position. Spirit of America Management Corp NY owned 0.11% of Targa Resources worth $10,216,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of TRGP. Norges Bank acquired a new position in Targa Resources in the fourth quarter worth $64,408,000. Cohen & Steers Inc. lifted its stake in shares of Targa Resources by 1,113.0% during the third quarter. Cohen & Steers Inc. now owns 1,882,318 shares of the pipeline company’s stock valued at $105,993,000 after acquiring an additional 1,727,135 shares during the period. FMR LLC lifted its stake in shares of Targa Resources by 1,086.3% during the third quarter. FMR LLC now owns 1,070,122 shares of the pipeline company’s stock valued at $60,259,000 after acquiring an additional 979,915 shares during the period. Tortoise Capital Advisors L.L.C. lifted its stake in shares of Targa Resources by 10.9% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 9,699,540 shares of the pipeline company’s stock valued at $349,377,000 after acquiring an additional 955,152 shares during the period. Finally, Vanguard Group Inc lifted its stake in shares of Targa Resources by 4.5% during the third quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock valued at $1,131,238,000 after acquiring an additional 860,247 shares during the period. 91.98% of the stock is currently owned by institutional investors.
Several brokerages have recently issued reports on TRGP. Raymond James lowered Targa Resources from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday. Credit Suisse Group cut their price target on Targa Resources from $60.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. ValuEngine lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, April 9th. BMO Capital Markets cut their price target on Targa Resources to $50.00 in a research note on Thursday, February 21st. Finally, Evercore ISI began coverage on Targa Resources in a research note on Tuesday, February 5th. They set a $46.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $55.62.
Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Friday, March 1st. The pipeline company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.08. Targa Resources had a return on equity of 2.32% and a net margin of 0.02%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.71 billion. As a group, sell-side analysts predict that Targa Resources Corp will post -0.34 earnings per share for the current fiscal year.
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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, 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.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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