Alliancebernstein L.P. increased its position in shares of Targa Resources Corp (NYSE:TRGP) by 26.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 209,646 shares of the pipeline company’s stock after acquiring an additional 44,302 shares during the period. Alliancebernstein L.P. owned approximately 0.09% of Targa Resources worth $1,449,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in TRGP. FMR LLC increased its stake in Targa Resources by 13.4% in the 1st quarter. FMR LLC now owns 1,192,808 shares of the pipeline company’s stock worth $49,561,000 after purchasing an additional 140,814 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in Targa Resources during the 4th quarter worth about $228,000. Pacer Advisors Inc. acquired a new stake in Targa Resources during the 4th quarter worth about $481,000. Quantitative Systematic Strategies LLC acquired a new stake in Targa Resources during the 4th quarter worth about $893,000. Finally, TD Asset Management Inc. acquired a new stake in Targa Resources during the 4th quarter worth about $622,000. 84.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TRGP opened at $18.78 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 1.02 and a debt-to-equity ratio of 1.20. Targa Resources Corp has a 12-month low of $3.66 and a 12-month high of $43.47. The firm has a market capitalization of $4.31 billion, a PE ratio of -2.15 and a beta of 3.23. The stock’s fifty day simple moving average is $19.14 and its 200-day simple moving average is $24.48.
Several equities research analysts have recently issued reports on TRGP shares. Citigroup reduced their price target on Targa Resources from $35.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, May 19th. Wells Fargo & Co reduced their price target on Targa Resources from $16.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, April 14th. Raymond James lowered Targa Resources from a “strong-buy” rating to an “outperform” rating in a report on Thursday, March 12th. Zacks Investment Research upgraded Targa Resources from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Friday, May 29th. Finally, SunTrust Banks lifted their price target on Targa Resources from $15.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $26.89.
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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