Los Angeles Capital Management & Equity Research Inc. lessened its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 4.7% in the 1st quarter, Holdings Channel reports. The firm owned 17,355 shares of the pipeline company’s stock after selling 850 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Targa Resources were worth $721,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of TRGP. Brown Advisory Inc. increased its stake in Targa Resources by 1.9% during the fourth quarter. Brown Advisory Inc. now owns 13,403 shares of the pipeline company’s stock valued at $483,000 after acquiring an additional 256 shares during the period. Utah Retirement Systems increased its stake in Targa Resources by 0.7% during the fourth quarter. Utah Retirement Systems now owns 41,600 shares of the pipeline company’s stock valued at $1,499,000 after acquiring an additional 300 shares during the period. Enterprise Financial Services Corp increased its stake in Targa Resources by 36.3% during the fourth quarter. Enterprise Financial Services Corp now owns 1,202 shares of the pipeline company’s stock valued at $43,000 after acquiring an additional 320 shares during the period. Baillie Gifford & Co. increased its stake in Targa Resources by 21.9% during the fourth quarter. Baillie Gifford & Co. now owns 1,783 shares of the pipeline company’s stock valued at $64,000 after acquiring an additional 320 shares during the period. Finally, Amalgamated Bank increased its stake in Targa Resources by 0.8% during the fourth quarter. Amalgamated Bank now owns 42,038 shares of the pipeline company’s stock valued at $1,514,000 after acquiring an additional 344 shares during the period. 91.16% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on the company. Wells Fargo & Co restated a “buy” rating on shares of Targa Resources in a research note on Thursday, February 21st. Evercore ISI started coverage on Targa Resources in a research note on Tuesday, February 5th. They set a $46.00 price target on the stock. Credit Suisse Group set a $50.00 price objective on Targa Resources and gave the company a “buy” rating in a research note on Friday, April 5th. Zacks Investment Research lowered Targa Resources from a “hold” rating to a “strong sell” rating in a research note on Saturday. Finally, ValuEngine lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Targa Resources currently has an average rating of “Buy” and an average price target of $55.45.
Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.16). The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.44 billion. Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. Analysts forecast that Targa Resources Corp will post -0.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a dividend of $0.91 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.64 dividend on an annualized basis and a yield of 9.00%. Targa Resources’s dividend payout ratio (DPR) is presently 1,820.00%.
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.
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