Targa Resources (TRGP) Issues Quarterly Earnings Results
Targa Resources (NYSE:TRGP) issued its earnings results on Thursday. The pipeline company reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.31), MarketWatch Earnings reports. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.67 billion.
Shares of NYSE:TRGP traded down $1.69 on Friday, hitting $50.55. The company’s stock had a trading volume of 2,644,536 shares, compared to its average volume of 1,891,200. Targa Resources has a 12 month low of $40.57 and a 12 month high of $59.21. The stock has a market cap of $11.95 billion, a price-to-earnings ratio of -117.56 and a beta of 1.95. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Wednesday, October 31st will be paid a $0.91 dividend. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.64 annualized dividend and a dividend yield of 7.20%. Targa Resources’s payout ratio is -846.51%.
In related news, VP John Richard Klein sold 984 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $55.63, for a total transaction of $54,739.92. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles R. Crisp sold 3,100 shares of the firm’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total value of $167,803.00. Following the transaction, the director now directly owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. In the last three months, insiders sold 6,176 shares of company stock valued at $334,507. Company insiders own 1.76% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. MML Investors Services LLC boosted its stake in Targa Resources by 20.2% during the third quarter. MML Investors Services LLC now owns 5,700 shares of the pipeline company’s stock valued at $321,000 after buying an additional 958 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Targa Resources by 2.8% during the third quarter. Nomura Asset Management Co. Ltd. now owns 36,310 shares of the pipeline company’s stock valued at $2,044,000 after buying an additional 997 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Targa Resources by 1.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,995 shares of the pipeline company’s stock valued at $3,153,000 after buying an additional 1,009 shares in the last quarter. US Bancorp DE boosted its stake in Targa Resources by 4.1% during the third quarter. US Bancorp DE now owns 25,532 shares of the pipeline company’s stock valued at $1,437,000 after buying an additional 1,014 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its stake in Targa Resources by 15.2% during the second quarter. Raymond James Trust N.A. now owns 8,591 shares of the pipeline company’s stock valued at $425,000 after buying an additional 1,135 shares in the last quarter. 91.98% of the stock is owned by institutional investors and hedge funds.
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About Targa Resources
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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