Green Square Capital LLC acquired a new stake in shares of Targa Resources Corp (NYSE:TRGP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,376 shares of the pipeline company’s stock, valued at approximately $266,000.
Other hedge funds also recently modified their holdings of the company. Raymond James Trust N.A. grew its stake in Targa Resources by 15.2% in the second quarter. Raymond James Trust N.A. now owns 8,591 shares of the pipeline company’s stock worth $425,000 after purchasing an additional 1,135 shares in the last quarter. Sigma Planning Corp grew its stake in Targa Resources by 16.1% in the second quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock worth $415,000 after purchasing an additional 1,162 shares in the last quarter. KBC Group NV grew its stake in Targa Resources by 0.8% in the second quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock worth $7,149,000 after purchasing an additional 1,162 shares in the last quarter. Proficio Capital Partners LLC boosted its position in Targa Resources by 121.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after acquiring an additional 1,246 shares in the last quarter. Finally, Ferris Capital LLC boosted its position in Targa Resources by 41.8% during the 2nd quarter. Ferris Capital LLC now owns 4,274 shares of the pipeline company’s stock valued at $212,000 after acquiring an additional 1,260 shares in the last quarter. Institutional investors and hedge funds own 92.25% of the company’s stock.
A number of research firms have recently weighed in on TRGP. Stifel Nicolaus raised their price objective on Targa Resources from $57.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday. Citigroup raised their price objective on Targa Resources from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Credit Suisse Group began coverage on Targa Resources in a research report on Thursday. They issued a “neutral” rating and a $60.00 price objective for the company. Royal Bank of Canada raised their target price on Targa Resources from $60.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, August 10th. Finally, US Capital Advisors restated a “hold” rating on shares of Targa Resources in a research note on Tuesday, July 17th. Ten analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $58.88.
Shares of NYSE:TRGP traded up $0.13 during trading on Friday, reaching $55.42. 2,218,093 shares of the company’s stock traded hands, compared to its average volume of 2,007,376. The company has a quick ratio of 0.64, a current ratio of 0.73 and a debt-to-equity ratio of 0.74. Targa Resources Corp has a fifty-two week low of $39.59 and a fifty-two week high of $59.21. The stock has a market capitalization of $12.70 billion, a PE ratio of -128.88 and a beta of 2.08.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 9th. The pipeline company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.40. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Sell-side analysts expect that Targa Resources Corp will post 0.27 earnings per share for the current fiscal year.
In other news, CAO John Richard Klein sold 2,092 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the transaction, the chief accounting officer now directly owns 24,972 shares in the company, valued at approximately $1,336,501.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the transaction, the director now owns 120,105 shares in the company, valued at $6,501,283.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,176 shares of company stock worth $334,507. 1.76% of the stock is currently owned by 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.
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