Point72 Asset Management L.P. trimmed its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 74.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 142,400 shares of the pipeline company’s stock after selling 425,466 shares during the quarter. Point72 Asset Management L.P. owned 0.06% of Targa Resources worth $7,047,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Raymond James Trust N.A. increased its stake in shares of 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 during the period. Sigma Planning Corp increased its stake in shares of Targa Resources by 16.1% during the second quarter. Sigma Planning Corp now owns 8,377 shares of the pipeline company’s stock valued at $415,000 after buying an additional 1,162 shares during the period. KBC Group NV increased its stake in shares of Targa Resources by 0.8% during the second quarter. KBC Group NV now owns 144,457 shares of the pipeline company’s stock valued at $7,149,000 after buying an additional 1,162 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Targa Resources by 121.0% during the second quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock valued at $113,000 after buying an additional 1,246 shares during the period. Finally, Ferris Capital LLC increased its stake in shares of Targa Resources by 41.8% during the second quarter. Ferris Capital LLC now owns 4,274 shares of the pipeline company’s stock valued at $212,000 after buying an additional 1,260 shares during the period. Institutional investors and hedge funds own 92.22% of the company’s stock.

In other news, CAO John Richard Klein sold 2,092 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $53.52, for a total transaction of $111,963.84. Following the sale, the chief accounting officer now owns 24,972 shares in the company, valued at $1,336,501.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $54.13, for a total value of $167,803.00. Following the sale, the director now owns 120,105 shares in the company, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. Insiders have sold 6,176 shares of company stock worth $334,507 in the last 90 days. Insiders own 1.76% of the company’s stock.

Several equities analysts have recently commented on TRGP shares. Barclays lowered Targa Resources from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $57.00 to $52.00 in a research note on Tuesday, June 12th. SunTrust Banks started coverage on Targa Resources in a research note on Thursday, July 12th. They set a “hold” rating and a $53.00 price target on the stock. ValuEngine upgraded Targa Resources from a “hold” rating to a “buy” rating in a research note on Saturday, July 14th. BMO Capital Markets reiterated a “hold” rating and issued a $54.00 target price on shares of Targa Resources in a research note on Friday, July 13th. Finally, Wolfe Research began coverage on Targa Resources in a research note on Monday, July 16th. They issued a “peer perform” rating on the stock. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Targa Resources presently has a consensus rating of “Hold” and an average price target of $55.94.

Shares of TRGP stock opened at $54.65 on Tuesday. Targa Resources Corp has a fifty-two week low of $39.59 and a fifty-two week high of $56.42. The stock has a market cap of $12.44 billion, a PE ratio of -127.09 and a beta of 2.09. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.64 and a current ratio of 0.73.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.40. Targa Resources had a return on equity of 1.62% and a net margin of 2.24%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.35 billion. sell-side analysts predict that Targa Resources Corp will post 0.27 EPS for the current year.

Targa Resources Company 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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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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