Rossby Financial LCC Has $252,000 Stake in Targa Resources, Inc. $TRGP

Rossby Financial LCC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 17.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,450 shares of the pipeline company’s stock after selling 300 shares during the period. Rossby Financial LCC’s holdings in Targa Resources were worth $252,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its holdings in Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after purchasing an additional 93,119 shares in the last quarter. Bessemer Group Inc. increased its holdings in Targa Resources by 25.1% during the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock valued at $494,000 after purchasing an additional 495 shares in the last quarter. Allianz Asset Management GmbH increased its holdings in Targa Resources by 34.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock valued at $221,104,000 after purchasing an additional 323,398 shares in the last quarter. Aberdeen Group plc increased its holdings in Targa Resources by 17.6% during the 2nd quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock valued at $30,563,000 after purchasing an additional 26,318 shares in the last quarter. Finally, OFI Invest Asset Management increased its holdings in Targa Resources by 6.5% during the 2nd quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock valued at $42,411,000 after purchasing an additional 14,883 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Down 0.9%

NYSE TRGP opened at $152.56 on Wednesday. The stock has a fifty day moving average of $161.98 and a 200-day moving average of $165.29. The stock has a market capitalization of $32.83 billion, a P/E ratio of 21.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.12. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources’s payout ratio is 56.58%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent analyst reports. TD Securities initiated coverage on Targa Resources in a report on Monday, July 7th. They set a “hold” rating for the company. TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating and a $192.00 target price for the company. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. Wall Street Zen raised Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.