Ballentine Partners LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 64.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,098 shares of the pipeline company’s stock after purchasing an additional 8,620 shares during the quarter. Ballentine Partners LLC’s holdings in Targa Resources were worth $1,046,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prudential Financial Inc. boosted its stake in shares of Targa Resources by 16.2% during the 1st quarter. Prudential Financial Inc. now owns 31,522 shares of the pipeline company’s stock worth $1,888,000 after acquiring an additional 4,400 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Targa Resources by 55.4% during the 1st quarter. AQR Capital Management LLC now owns 37,842 shares of the pipeline company’s stock worth $2,267,000 after acquiring an additional 13,490 shares in the last quarter. DnB Asset Management AS boosted its stake in shares of Targa Resources by 30.4% during the 2nd quarter. DnB Asset Management AS now owns 21,000 shares of the pipeline company’s stock worth $949,000 after acquiring an additional 4,900 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in shares of Targa Resources by 23.1% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 18,273 shares of the pipeline company’s stock worth $826,000 after acquiring an additional 3,430 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in shares of Targa Resources during the 2nd quarter worth $362,000. 87.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Targa Resources, Inc. (TRGP) traded down $0.23 during trading hours on Friday, hitting $44.13. The stock had a trading volume of 1,611,500 shares, compared to its average volume of 2,182,575. Targa Resources, Inc. has a 12 month low of $39.59 and a 12 month high of $61.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.51 and a current ratio of 0.74.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.25%. The ex-dividend date is Tuesday, October 31st. Targa Resources’s dividend payout ratio is currently -136.84%.
Several equities research analysts have recently weighed in on the company. BidaskClub raised Targa Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Wells Fargo & Company lowered Targa Resources from an “outperform” rating to a “market perform” rating and set a $49.00 target price for the company. in a report on Tuesday, November 7th. Jefferies Group LLC restated a “buy” rating and issued a $49.00 target price (down previously from $50.00) on shares of Targa Resources in a report on Friday, September 1st. ValuEngine upgraded Targa Resources from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Finally, Barclays PLC restated a “hold” rating and issued a $50.00 target price on shares of Targa Resources in a report on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $54.44.
Targa Resources Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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