Pictet Asset Management Ltd. Reduces Stock Holdings in Targa Resources Corp (NYSE:TRGP)
Pictet Asset Management Ltd. lowered its stake in shares of Targa Resources Corp (NYSE:TRGP) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,693 shares of the pipeline company’s stock after selling 750 shares during the period. Pictet Asset Management Ltd.’s holdings in Targa Resources were worth $1,990,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Cerebellum GP LLC purchased a new stake in shares of Targa Resources during the first quarter worth $27,000. Arlington Partners LLC purchased a new stake in shares of Targa Resources during the second quarter worth $29,000. Strategy Asset Managers LLC purchased a new stake in shares of Targa Resources during the first quarter worth $36,000. Personal Wealth Partners purchased a new stake in shares of Targa Resources during the second quarter worth $36,000. Finally, Valeo Financial Advisors LLC lifted its position in shares of Targa Resources by 105.3% during the second quarter. Valeo Financial Advisors LLC now owns 965 shares of the pipeline company’s stock worth $38,000 after acquiring an additional 495 shares in the last quarter. Hedge funds and other institutional investors own 95.82% of the company’s stock.
TRGP has been the topic of several research analyst reports. Raymond James raised shares of Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 price target on the stock in a report on Wednesday, August 28th. ValuEngine cut shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. SunTrust Banks set a $45.00 price target on shares of Targa Resources and gave the stock a “buy” rating in a report on Friday, August 9th. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a report on Sunday, August 11th. Finally, Bank of America set a $44.00 price target on shares of Targa Resources and gave the stock a “buy” rating in a report on Tuesday, September 10th. Six analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $50.50.
Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 8th. The pipeline company reported ($0.18) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.15. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. Equities research analysts forecast that Targa Resources Corp will post -0.85 EPS for the current fiscal year.
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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