Skandinaviska Enskilda Banken AB publ raised its stake in Targa Resources Corp (NYSE:TRGP) by 22.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,530 shares of the pipeline company’s stock after acquiring an additional 6,500 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Targa Resources were worth $1,681,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Shine Investment Advisory Services Inc. bought a new position in shares of Targa Resources in the 2nd quarter valued at $105,000. Van ECK Associates Corp grew its position in Targa Resources by 24.0% during the 2nd quarter. Van ECK Associates Corp now owns 2,705 shares of the pipeline company’s stock worth $122,000 after acquiring an additional 524 shares during the last quarter. Ffcm LLC grew its position in Targa Resources by 237.0% during the 2nd quarter. Ffcm LLC now owns 2,716 shares of the pipeline company’s stock worth $122,000 after acquiring an additional 1,910 shares during the last quarter. Penserra Capital Management LLC grew its position in Targa Resources by 20.6% during the 2nd quarter. Penserra Capital Management LLC now owns 4,255 shares of the pipeline company’s stock worth $192,000 after acquiring an additional 726 shares during the last quarter. Finally, Guyasuta Investment Advisors Inc. bought a new stake in Targa Resources during the 3rd quarter worth $206,000. 87.44% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on TRGP. Guggenheim upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Monday, August 14th. Citigroup upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Thursday, November 2nd. Stifel Nicolaus reduced their price objective on Targa Resources from $53.00 to $51.00 and set a “buy” rating on the stock in a research report on Monday, November 20th. Royal Bank Of Canada restated a “buy” rating and set a $60.00 price objective on shares of Targa Resources in a research report on Monday, August 21st. Finally, BMO Capital Markets set a $51.00 price objective on Targa Resources and gave the stock a “hold” rating in a research report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.33.
Shares of Targa Resources Corp (NYSE:TRGP) traded down $1.38 on Thursday, reaching $43.65. The company’s stock had a trading volume of 1,912,400 shares, compared to its average volume of 1,891,097. Targa Resources Corp has a 52-week low of $39.59 and a 52-week high of $61.83. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 8.34%. The ex-dividend date of this dividend was Tuesday, October 31st. Targa Resources’s payout ratio is presently -136.84%.
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About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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