Home Energy assets The New York State Common Retirement Fund sells 3,604 shares of Targa Resources Corp. (NYSE: TRGP)

The New York State Common Retirement Fund sells 3,604 shares of Targa Resources Corp. (NYSE: TRGP)

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The New York State Common Retirement Fund has reduced its stake in shares of Targa Resources Corp. (NYSE: TRGPGet a rating) by 1.5% in the first quarter, according to the company in its most recent filing with the SEC. The company held 235,578 shares of the pipeline company after selling 3,604 shares during the quarter. The New York State Common Retirement Fund held approximately 0.10% of Targa Resources worth $17,779,000 when it last filed with the SEC.

A number of other institutional investors also changed their positions in TRGP. BlackRock Inc. increased its holdings of Targa Resources shares by 7.3% in the fourth quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company valued at $1,147,183,000 after purchasing an additional 1,499,300 shares in the last quarter. First Trust Advisors LP increased its holdings of Targa Resources shares by 324.0% in the fourth quarter. First Trust Advisors LP now owns 1,205,000 shares of the pipeline company valued at $62,949,000 after buying 920,818 additional shares in the last quarter. Russell Investments Group Ltd. increased its holdings of Targa Resources shares by 114.8% in the first quarter. Russell Investments Group Ltd. now owns 1,179,991 shares of the pipeline company valued at $89,054,000 after purchasing an additional 630,766 shares in the last quarter. Point72 Asset Management LP increased its holdings of Targa Resources shares by 87.3% in the fourth quarter. Point72 Asset Management LP now owns 1,343,363 shares of the pipeline company valued at $70,177,000 after purchasing an additional 625,975 shares in the last quarter. Finally, Fractal Investments LLC bought a new position in shares of Targa Resources in the fourth quarter valued at approximately $22,406,000. 91.93% of the shares are held by institutional investors.

Targa Resource Price Performance

Targa Resources stock opened at $63.94 on Friday. The company has a market capitalization of $14.58 billion, a P/E ratio of -110.24 and a beta of 2.46. Targa Resources Corp. has a 1-year low of $39.06 and a 1-year high of $81.50. The company has a 50-day moving average of $65.15 and a 200-day moving average of $67.48. The company has a current ratio of 0.65, a quick ratio of 0.62 and a debt ratio of 1.73.

Targa Resources (NYSE: TRGPGet a rating) last reported results on Thursday, May 5. The pipeline company reported earnings per share (EPS) of $0.06 for the quarter, missing the consensus estimate of $0.89 per ($0.83). The company posted revenue of $4.96 billion for the quarter, versus analyst estimates of $6.07 billion. Targa Resources posted a positive return on equity of 8.24% and a negative net margin of 0.22%. In the same quarter a year earlier, the company posted earnings per share of $0.53. On average, stock analysts expect Targa Resources Corp. will post an EPS of 3.24 for the current year.

Targa Resources announces dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15. Shareholders of record on Friday, July 29 will receive a dividend of $0.35 per share. The ex-date of this dividend is Thursday, July 28. This represents an annualized dividend of $1.40 and a dividend yield of 2.19%. Targa Resources payout ratio is currently -241.38%.

Insider Trading at Targa Resources

In related news, the director Paul W.Chung sold 3,568 shares of the company in a transaction that took place on Monday, May 16. The stock was sold at an average price of $73.34, for a total value of $261,677.12. Following completion of the transaction, the administrator now directly owns 240,641 shares of the company, valued at approximately $17,648,610.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. In related news, Insider D. Scott Pryor sold 20,000 shares of the company in a transaction that took place on Wednesday, May 18. The stock was sold at an average price of $71.33, for a total value of $1,426,600.00. Following the completion of the transaction, the insider now directly owns 81,233 shares of the company, valued at approximately $5,794,349.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. Additionally, director Paul W. Chung sold 3,568 shares of the company in a transaction that took place on Monday, May 16. The shares were sold at an average price of $73.34, for a total value of $261,677.12. Following completion of the transaction, the director now owns 240,641 shares of the company, valued at $17,648,610.94. Disclosure of this sale can be found here. Company insiders own 1.10% of the company’s shares.

A Wall Street analyst gives his opinion

A number of research companies have recently published reports on the TRGP. US Capital Advisors reaffirmed a “buy” rating on Targa Resources shares in a Monday, July 25 report. Wells Fargo & Company lowered its price target on Targa Resources to $83.00 and set an “overweight” rating for the company in a Friday, May 20 report. Morgan Stanley raised its price target on Targa Resources from $103.00 to $105.00 and gave the stock an “overweight” rating in a Wednesday, July 20 report. Barclays lowered its price target on Targa Resources from $92.00 to $87.00 and set an “overweight” rating for the company in a Wednesday July 20 report. Finally, Royal Bank of Canada raised its price target on Targa Resources from $90.00 to $100.00 and gave the stock an “outperform” rating in a Tuesday, July 12 report. One investment analyst gave the stock a hold rating, ten gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $81.36.

Targa Resource Profile

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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. The Company operates in two segments, Collection and Processing, and Logistics and Transportation. It is engaged in the gathering, compression, treatment, processing, transportation and sale of natural gas; storage, fractionation, processing, transportation and sale of natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; and the gathering, storage, terminal, purchase and sale of crude oil.

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Institutional ownership by quarter for Targa Resources (NYSE:TRGP)



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