Cypress Wealth Advisors LLC reduced its position in shares of Targa Resources Corp (NYSE:TRGP) by 20.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 56,417 shares of the pipeline company’s stock after selling 14,075 shares during the quarter. Targa Resources makes up 3.3% of Cypress Wealth Advisors LLC’s investment portfolio, making the stock its 6th largest holding. Cypress Wealth Advisors LLC’s holdings in Targa Resources were worth $3,177,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Proficio Capital Partners LLC boosted its holdings in Targa Resources by 121.0% in the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after purchasing an additional 1,246 shares during the period. Westbourne Investment Advisors Inc. bought a new stake in Targa Resources in the 3rd quarter valued at $168,000. Laurel Wealth Advisors Inc. bought a new stake in Targa Resources in the 2nd quarter valued at $201,000. Texas Yale Capital Corp. bought a new stake in Targa Resources in the 2nd quarter valued at $202,000. Finally, Quadrant Private Wealth Management LLC bought a new stake in Targa Resources in the 2nd quarter valued at $208,000. 93.25% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on TRGP shares. Stifel Nicolaus reissued a “buy” rating and issued a $57.00 price target (up from $53.00) on shares of Targa Resources in a report on Friday, August 10th. UBS Group increased their price target on shares of Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a report on Friday, August 10th. Royal Bank of Canada increased their price target on shares of Targa Resources from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, August 10th. Raymond James reissued a “buy” rating on shares of Targa Resources in a report on Monday, August 13th. Finally, Zacks Investment Research raised shares of Targa Resources from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a report on Wednesday, August 15th. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $58.20.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, November 8th. The pipeline company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.31). The business had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.67 billion. Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. On average, equities research analysts expect that Targa Resources Corp will post 0.26 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st were issued a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.06%. The ex-dividend date was Tuesday, October 30th. Targa Resources’s payout ratio is -846.51%.
In other Targa Resources news, Director Chris Tong acquired 2,200 shares of Targa Resources stock in a transaction dated Friday, November 16th. The stock was bought at an average cost of $47.00 per share, with a total value of $103,400.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.76% of the stock is currently owned by company insiders.
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 Marketing. The company engages in gathering, compressing, treating, processing, 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: Quiet Period
Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp (NYSE:TRGP).
Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.