Infrastructure Capital Advisors LLC Boosts Stock Position in Targa Resources Corp (NYSE:TRGP)

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Infrastructure Capital Advisors LLC raised its stake in shares of Targa Resources Corp (NYSE:TRGP) by 2.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 98,449 shares of the pipeline company’s stock after acquiring an additional 1,891 shares during the period. Targa Resources makes up 0.5% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 27th biggest holding. Infrastructure Capital Advisors LLC’s holdings in Targa Resources were worth $3,936,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Samson Capital Management LLC raised its stake in Targa Resources by 4.3% during the 1st quarter. Samson Capital Management LLC now owns 127,528 shares of the pipeline company’s stock valued at $5,299,000 after acquiring an additional 5,283 shares during the last quarter. Stephens Inc. AR raised its stake in Targa Resources by 9.6% during the 1st quarter. Stephens Inc. AR now owns 22,965 shares of the pipeline company’s stock valued at $954,000 after acquiring an additional 2,002 shares during the last quarter. Duff & Phelps Investment Management Co. raised its stake in Targa Resources by 1.1% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,555,774 shares of the pipeline company’s stock valued at $61,080,000 after acquiring an additional 16,725 shares during the last quarter. Payden & Rygel raised its stake in Targa Resources by 30.6% during the 1st quarter. Payden & Rygel now owns 506,800 shares of the pipeline company’s stock valued at $21,058,000 after acquiring an additional 118,600 shares during the last quarter. Finally, Penserra Capital Management LLC raised its stake in Targa Resources by 45.0% during the 1st quarter. Penserra Capital Management LLC now owns 8,430 shares of the pipeline company’s stock valued at $348,000 after acquiring an additional 2,618 shares during the last quarter. 99.02% of the stock is owned by hedge funds and other institutional investors.

Shares of Targa Resources stock traded down $0.31 during trading hours on Thursday, hitting $39.15. 480,786 shares of the company’s stock traded hands, compared to its average volume of 2,389,379. The stock has a 50 day simple moving average of $36.29 and a 200-day simple moving average of $39.13. The company has a quick ratio of 0.61, a current ratio of 0.73 and a debt-to-equity ratio of 0.74. The company has a market cap of $9.10 billion, a PE ratio of 195.75 and a beta of 1.75. Targa Resources Corp has a twelve month low of $32.00 and a twelve month high of $59.21.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 8th. The pipeline company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.15. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. As a group, equities research analysts predict that Targa Resources Corp will post -0.84 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.91 per share. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a $3.64 annualized dividend and a dividend yield of 9.30%. Targa Resources’s dividend payout ratio is presently 1,820.00%.

TRGP has been the topic of several recent analyst reports. UBS Group set a $54.00 target price on Targa Resources and gave the stock a “buy” rating in a research report on Friday, August 16th. Mizuho set a $45.00 target price on Targa Resources and gave the stock a “hold” rating in a research report on Friday, July 12th. Zacks Investment Research upgraded Targa Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 18th. SunTrust Banks set a $45.00 target price on Targa Resources and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Barclays reiterated a “buy” rating and set a $48.00 target price on shares of Targa Resources in a research report on Thursday, July 18th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $51.24.

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, transporting, 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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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