SG Americas Securities LLC cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 81.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,103 shares of the pipeline company’s stock after selling 47,569 shares during the period. SG Americas Securities LLC’s holdings in Targa Resources were worth $546,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. FMR LLC grew its stake in shares of Targa Resources by 188.7% during the second quarter. FMR LLC now owns 2,649,368 shares of the pipeline company’s stock worth $117,764,000 after purchasing an additional 1,731,830 shares during the period. Millennium Management LLC grew its stake in Targa Resources by 10.8% in the second quarter. Millennium Management LLC now owns 696,017 shares of the pipeline company’s stock valued at $30,938,000 after acquiring an additional 67,981 shares during the period. Balyasny Asset Management LLC acquired a new position in Targa Resources in the second quarter valued at about $11,502,000. Brandywine Global Investment Management LLC acquired a new position in Targa Resources in the second quarter valued at about $2,248,000. Finally, Virginia Retirement Systems ET AL grew its stake in Targa Resources by 49.4% in the second quarter. Virginia Retirement Systems ET AL now owns 52,600 shares of the pipeline company’s stock valued at $2,338,000 after acquiring an additional 17,400 shares during the period. 86.94% of the stock is owned by institutional investors and hedge funds.
TRGP has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on Targa Resources from $64.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, December 16th. Evercore ISI raised Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 target price for the company in a research note on Monday, November 15th. Raymond James boosted their target price on Targa Resources from $65.00 to $67.00 and gave the company a “strong-buy” rating in a research note on Friday, November 5th. TheStreet upgraded Targa Resources from a “c” rating to a “b-” rating in a report on Monday, December 6th. Finally, Citigroup boosted their price target on Targa Resources from $66.00 to $67.00 in a report on Monday, January 10th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus price target of $55.44.
NYSE:TRGP opened at $57.78 on Friday. Targa Resources Corp. has a 1-year low of $26.65 and a 1-year high of $58.18. The company has a current ratio of 0.69, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The firm has a fifty day simple moving average of $53.44 and a 200 day simple moving average of $49.14. The stock has a market capitalization of $13.23 billion, a PE ratio of 44.45 and a beta of 2.87.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, November 4th. The pipeline company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.25. Targa Resources had a net margin of 2.97% and a return on equity of 7.53%. The business had revenue of $4.46 billion during the quarter, compared to analysts’ expectations of $3.61 billion. On average, equities analysts predict that Targa Resources Corp. will post 1.84 earnings per share for the current fiscal year.
Targa Resources Company Profile
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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