Credit Suisse AG trimmed its position in shares of Targa Resources Corp (NYSE:TRGP) by 26.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 214,328 shares of the pipeline company’s stock after selling 75,873 shares during the quarter. Credit Suisse AG owned 0.09% of Targa Resources worth $12,069,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Waddell & Reed Financial Inc. increased its stake in shares of Targa Resources by 4.3% during the second quarter. Waddell & Reed Financial Inc. now owns 215,430 shares of the pipeline company’s stock worth $10,662,000 after acquiring an additional 8,950 shares during the period. Baird Financial Group Inc. increased its stake in shares of Targa Resources by 4.6% during the second quarter. Baird Financial Group Inc. now owns 42,704 shares of the pipeline company’s stock worth $2,113,000 after acquiring an additional 1,861 shares during the period. IFM Investors Pty Ltd increased its stake in shares of Targa Resources by 14.2% during the third quarter. IFM Investors Pty Ltd now owns 11,591 shares of the pipeline company’s stock worth $653,000 after acquiring an additional 1,444 shares during the period. Andra AP fonden acquired a new position in shares of Targa Resources during the second quarter worth about $1,539,000. Finally, PointState Capital LP increased its stake in shares of Targa Resources by 92.3% during the second quarter. PointState Capital LP now owns 8,853,306 shares of the pipeline company’s stock worth $438,150,000 after acquiring an additional 4,248,784 shares during the period. Institutional investors and hedge funds own 93.25% of the company’s stock.
In other Targa Resources news, Director Chris Tong purchased 2,200 shares of Targa Resources stock in a transaction on Friday, November 16th. The shares were bought at an average price of $47.00 per share, with a total value of $103,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.76% of the stock is owned by corporate insiders.
A number of brokerages have recently issued reports on TRGP. Barclays upgraded shares of Targa Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $54.00 to $65.00 in a research note on Wednesday, October 3rd. Credit Suisse Group began coverage on shares of Targa Resources in a research note on Thursday, October 11th. They set a “neutral” rating and a $60.00 price target on the stock. Raymond James boosted their price target on shares of Targa Resources from $58.00 to $64.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 17th. Zacks Investment Research upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Saturday, September 29th. Finally, Stifel Nicolaus upped their target price on shares of Targa Resources from $57.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, October 11th. Nine investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $58.20.
Shares of TRGP opened at $44.55 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. Targa Resources Corp has a twelve month low of $41.75 and a twelve month high of $59.21. The stock has a market cap of $10.36 billion, a price-to-earnings ratio of -103.60 and a beta of 1.91.
Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 8th. The pipeline company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.31). Targa Resources had a return on equity of 1.31% and a net margin of 3.42%. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.67 billion. Equities analysts anticipate that Targa Resources Corp will post 0.26 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 15th. Shareholders of record on Wednesday, October 31st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.17%. The ex-dividend date was Tuesday, October 30th. Targa Resources’s dividend payout ratio (DPR) is presently -846.51%.
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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, 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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