Targa Resources Corp (NYSE:TRGP) Shares Sold by Perella Weinberg Partners Capital Management LP

Perella Weinberg Partners Capital Management LP cut its holdings in Targa Resources Corp (NYSE:TRGP) by 51.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284,214 shares of the pipeline company’s stock after selling 295,876 shares during the period. Perella Weinberg Partners Capital Management LP owned about 0.12% of Targa Resources worth $11,158,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Cerebellum GP LLC acquired a new stake in Targa Resources in the first quarter valued at $27,000. Arlington Partners LLC acquired a new stake in Targa Resources in the second quarter valued at $29,000. Strategy Asset Managers LLC acquired a new stake in Targa Resources in the first quarter valued at $36,000. Valeo Financial Advisors LLC raised its stake in Targa Resources by 105.3% in the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock valued at $38,000 after buying an additional 495 shares in the last quarter. Finally, TCG Advisors LP acquired a new stake in Targa Resources in the first quarter valued at $58,000. Institutional investors own 91.04% of the company’s stock.

In other Targa Resources news, Director Robert B. Evans acquired 51,420 shares of the stock in a transaction on Friday, May 10th. The shares were bought at an average price of $39.38 per share, with a total value of $2,024,919.60. Following the acquisition, the director now owns 38,506 shares of the company’s stock, valued at $1,516,366.28. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.86% of the stock is currently owned by insiders.

A number of research firms have weighed in on TRGP. Raymond James cut Targa Resources from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, April 16th. Evercore ISI reiterated an “in-line” rating on shares of Targa Resources in a research report on Wednesday, April 24th. Mitsubishi UFJ Financial Group initiated coverage on Targa Resources in a research report on Monday, April 8th. They set a “neutral” rating and a $50.00 target price on the stock. Credit Suisse Group set a $50.00 target price on Targa Resources and gave the stock a “buy” rating in a research report on Friday, April 5th. Finally, Zacks Investment Research upgraded Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 18th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $54.58.

Shares of NYSE TRGP traded down $0.15 during midday trading on Friday, reaching $37.22. 75,336 shares of the company were exchanged, compared to its average volume of 1,685,228. The company has a current ratio of 0.58, a quick ratio of 0.48 and a debt-to-equity ratio of 0.97. Targa Resources Corp has a 1 year low of $33.55 and a 1 year high of $59.21. The company’s fifty day moving average is $39.31. The company has a market capitalization of $8.69 billion, a PE ratio of 185.55 and a beta of 1.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, May 8th. The pipeline company reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.16). Targa Resources had a positive return on equity of 1.45% and a negative net margin of 0.58%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.44 billion. As a group, equities research analysts predict that Targa Resources Corp will post -0.86 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 9.78%. The ex-dividend date of this dividend is Tuesday, July 30th. Targa Resources’s dividend payout ratio is presently 1,820.00%.

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, 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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