Targa Resources Corp (TRGP) Shares Bought by Lake Street Advisors Group LLC
Lake Street Advisors Group LLC raised its position in shares of Targa Resources Corp (NYSE:TRGP) by 456.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,214 shares of the pipeline company’s stock after acquiring an additional 24,783 shares during the period. Lake Street Advisors Group LLC’s holdings in Targa Resources were worth $1,495,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Proficio Capital Partners LLC boosted its stake in shares of Targa Resources by 121.0% in the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after buying an additional 1,246 shares during the period. James Hambro & Partners bought a new stake in Targa Resources during the second quarter worth $113,000. Sit Investment Associates Inc. bought a new stake in Targa Resources during the second quarter worth $127,000. Texas Yale Capital Corp. bought a new stake in Targa Resources during the second quarter worth $202,000. Finally, Quadrant Private Wealth Management LLC acquired a new position in shares of Targa Resources during the second quarter worth $208,000. Institutional investors own 92.23% of the company’s stock.
Several research analysts have recently issued reports on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $57.00 price target (up from $53.00) on shares of Targa Resources in a report on Friday, August 10th. Seaport Global Securities downgraded shares of Targa Resources from a “buy” rating to a “neutral” rating and upped their price target for the stock from $53.00 to $55.00 in a report on Friday, July 27th. Zacks Investment Research downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Thursday. ValuEngine upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Saturday, July 14th. Finally, US Capital Advisors reiterated a “hold” rating on shares of Targa Resources in a report on Tuesday, July 17th. Thirteen investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $55.94.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.40. The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. sell-side analysts anticipate that Targa Resources Corp will post 0.27 EPS for the current fiscal year.
In other Targa Resources news, VP John Richard Klein sold 984 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $55.63, for a total transaction of $54,739.92. Following the sale, the vice president now owns 23,988 shares of the company’s stock, valued at $1,334,452.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 3,100 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the sale, the director now directly owns 120,105 shares in the company, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. Insiders have sold 6,176 shares of company stock worth $334,507 in the last ninety days. Insiders own 1.76% of the company’s stock.
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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