Targa Resources Corp (TRGP) Position Raised by AMP Capital Investors Ltd
AMP Capital Investors Ltd raised its stake in shares of Targa Resources Corp (NYSE:TRGP) by 21.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,022 shares of the pipeline company’s stock after purchasing an additional 16,520 shares during the quarter. AMP Capital Investors Ltd’s holdings in Targa Resources were worth $5,301,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Baird Financial Group Inc. grew its position in Targa Resources by 2.9% during the 3rd quarter. Baird Financial Group Inc. now owns 43,930 shares of the pipeline company’s stock valued at $2,530,000 after purchasing an additional 1,226 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Targa Resources by 38.7% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,620 shares of the pipeline company’s stock worth $767,000 after purchasing an additional 3,800 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Targa Resources by 1.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,140,263 shares of the pipeline company’s stock worth $120,519,000 after purchasing an additional 29,259 shares during the period. Meiji Yasuda Life Insurance Co bought a new position in shares of Targa Resources in the 3rd quarter worth approximately $214,000. Finally, Great West Life Assurance Co. Can increased its holdings in Targa Resources by 6.9% in the 3rd quarter. Great West Life Assurance Co. Can now owns 132,027 shares of the pipeline company’s stock worth $7,443,000 after acquiring an additional 8,550 shares in the last quarter. 93.25% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Chris Tong purchased 2,200 shares of the business’s stock in a transaction dated Friday, November 16th. The stock was bought at an average cost of $47.00 per share, with a total value of $103,400.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.76% of the company’s stock.
Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, November 8th. The pipeline company reported ($0.24) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.31). The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.67 billion. Targa Resources had a net margin of 3.42% and a return on equity of 1.31%. On average, research analysts expect that Targa Resources Corp will post 0.26 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Wednesday, October 31st were issued a dividend of $0.91 per share. The ex-dividend date was Tuesday, October 30th. This represents a $3.64 annualized dividend and a yield of 8.17%. Targa Resources’s dividend payout ratio is presently -846.51%.
A number of brokerages have issued reports on TRGP. Citigroup cut their price objective on shares of Targa Resources to $56.00 in a report on Sunday, December 2nd. Mizuho began coverage on shares of Targa Resources in a report on Wednesday, November 28th. They issued a “neutral” rating and a $56.00 target price for the company. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Friday, November 23rd. US Capital Advisors upgraded Targa Resources from a “hold” rating to an “overweight” rating in a research report on Monday, November 19th. Finally, Zacks Investment Research upgraded Targa Resources from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research report on Friday, November 9th. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Targa Resources presently has a consensus rating of “Buy” and an average target price of $58.20.
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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