Unigestion Holding SA Purchases New Holdings in Targa Resources Corp (NYSE:TRGP)
Unigestion Holding SA bought a new position in Targa Resources Corp (NYSE:TRGP) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,265 shares of the pipeline company’s stock, valued at approximately $935,000.
A number of other large investors have also recently added to or reduced their stakes in the business. Fluent Financial LLC boosted its holdings in shares of Targa Resources by 0.9% in the third quarter. Fluent Financial LLC now owns 28,038 shares of the pipeline company’s stock worth $1,126,000 after acquiring an additional 261 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Targa Resources by 3.9% in the third quarter. Daiwa Securities Group Inc. now owns 8,183 shares of the pipeline company’s stock worth $329,000 after acquiring an additional 304 shares during the period. World Asset Management Inc boosted its stake in Targa Resources by 4.1% during the second quarter. World Asset Management Inc now owns 7,887 shares of the pipeline company’s stock valued at $310,000 after buying an additional 312 shares during the period. Commonwealth Equity Services LLC boosted its stake in Targa Resources by 2.8% during the second quarter. Commonwealth Equity Services LLC now owns 13,172 shares of the pipeline company’s stock valued at $517,000 after buying an additional 357 shares during the period. Finally, Bank of Edwardsville boosted its stake in Targa Resources by 5.7% during the second quarter. Bank of Edwardsville now owns 7,360 shares of the pipeline company’s stock valued at $289,000 after buying an additional 399 shares during the period. 96.18% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on TRGP shares. Robert W. Baird dropped their price objective on Targa Resources from $67.00 to $49.00 and set an “outperform” rating for the company in a research note on Tuesday, October 8th. Raymond James raised Targa Resources from an “outperform” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research note on Wednesday, August 28th. Bank of America set a $44.00 price target on Targa Resources and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Evercore ISI reaffirmed a “hold” rating on shares of Targa Resources in a research note on Sunday, August 11th. Finally, Credit Suisse Group dropped their price target on Targa Resources from $49.00 to $44.00 and set an “outperform” rating for the company in a research note on Thursday, August 15th. Nine equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $47.63.
Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, November 7th. The pipeline company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.12). The company had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Targa Resources had a negative return on equity of 0.17% and a negative net margin of 1.81%. On average, research analysts expect that Targa Resources Corp will post -0.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be issued a $0.91 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.64 annualized dividend and a dividend yield of 9.12%. Targa Resources’s dividend payout ratio is currently 1,820.00%.
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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