Tocqueville Asset Management L.P. trimmed its stake in Targa Resources Corp (NYSE:TRGP) by 8.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 328,810 shares of the pipeline company’s stock after selling 31,457 shares during the quarter. Tocqueville Asset Management L.P. owned approximately 0.15% of Targa Resources worth $15,921,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. SeaCrest Wealth Management LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at about $111,000. James Hambro & Partners bought a new stake in shares of Targa Resources during the fourth quarter valued at about $111,000. Searle & CO. bought a new stake in shares of Targa Resources during the fourth quarter valued at about $200,000. Quadrant Private Wealth Management LLC bought a new stake in shares of Targa Resources during the fourth quarter valued at about $203,000. Finally, Guyasuta Investment Advisors Inc. bought a new stake in shares of Targa Resources during the third quarter valued at about $206,000. Institutional investors own 90.31% of the company’s stock.
TRGP has been the topic of a number of recent analyst reports. Bank of America initiated coverage on shares of Targa Resources in a research note on Tuesday, January 9th. They set a “neutral” rating on the stock. ValuEngine cut shares of Targa Resources from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Citigroup lifted their price objective on shares of Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, February 6th. Seaport Global Securities set a $52.00 price objective on shares of Targa Resources and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, UBS Group reaffirmed a “neutral” rating and set a $58.00 target price (up from $56.00) on shares of Targa Resources in a report on Friday, March 2nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.35.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.04). The company had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Targa Resources had a negative return on equity of 1.24% and a net margin of 0.27%. equities analysts anticipate that Targa Resources Corp will post -0.04 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were paid a $0.91 dividend. The ex-dividend date was Wednesday, January 31st. This represents a $3.64 dividend on an annualized basis and a yield of 7.79%. Targa Resources’s dividend payout ratio is currently -224.69%.
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Targa Resources Company Profile
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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