Schwab Charles Investment Management Inc. Boosts Stake in Targa Resources Corp (TRGP)
Schwab Charles Investment Management Inc. grew its stake in shares of Targa Resources Corp (NYSE:TRGP) by 6.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 718,633 shares of the pipeline company’s stock after buying an additional 41,308 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Targa Resources were worth $34,797,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Searle & CO. bought a new position in shares of Targa Resources during the 4th quarter valued at $200,000. Guyasuta Investment Advisors Inc. bought a new position in shares of Targa Resources during the 3rd quarter valued at $206,000. HITE Hedge Asset Management LLC bought a new position in shares of Targa Resources during the 3rd quarter valued at $208,000. Town & Country Bank & Trust CO dba First Bankers Trust CO bought a new position in shares of Targa Resources during the 3rd quarter valued at $214,000. Finally, Crossmark Global Holdings Inc. bought a new position in shares of Targa Resources during the 3rd quarter valued at $224,000. Hedge funds and other institutional investors own 87.63% of the company’s stock.
Several equities analysts recently commented on the stock. Citigroup increased their target price on shares of Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, February 6th. ValuEngine lowered shares of Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Goldman Sachs Group raised shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Thursday, February 1st. Stifel Nicolaus reduced their target price on shares of Targa Resources from $53.00 to $51.00 and set a “buy” rating on the stock in a report on Monday, November 20th. Finally, Jefferies Group lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Monday, October 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Targa Resources has an average rating of “Buy” and an average target price of $55.33.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be issued a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 8.06%. The ex-dividend date is Wednesday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently -136.84%.
In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.93% of the stock is owned by company insiders.
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About Targa Resources
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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