Amalgamated Bank reduced its position in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 3.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 157,850 shares of the pipeline company's stock after selling 5,978 shares during the period. Amalgamated Bank owned about 0.07% of Targa Resources worth $11,913,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Targa Resources by 8.5% in the 4th quarter. JPMorgan Chase & Co. now owns 888,944 shares of the pipeline company's stock worth $46,438,000 after purchasing an additional 69,632 shares during the period. Covestor Ltd bought a new stake in Targa Resources in the 4th quarter worth approximately $39,000. Allianz Asset Management GmbH grew its position in Targa Resources by 2.4% in the 4th quarter. Allianz Asset Management GmbH now owns 748,799 shares of the pipeline company's stock worth $39,117,000 after purchasing an additional 17,777 shares during the period. Renaissance Technologies LLC grew its position in Targa Resources by 873.8% in the 4th quarter. Renaissance Technologies LLC now owns 100,300 shares of the pipeline company's stock worth $5,240,000 after purchasing an additional 90,000 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its position in Targa Resources by 15.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 19,019 shares of the pipeline company's stock worth $994,000 after purchasing an additional 2,513 shares during the period. 87.45% of the stock is currently owned by hedge funds and other institutional investors.
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Targa Resources Stock Down 4.7 %
Shares of TRGP stock opened at $68.74 on Friday. The stock has a market cap of $15.57 billion, a P/E ratio of 78.11 and a beta of 2.43. Targa Resources Corp. has a 52 week low of $43.22 and a 52 week high of $81.50. The company has a quick ratio of 0.62, a current ratio of 0.69 and a debt-to-equity ratio of 1.60. The company's fifty day simple moving average is $66.81 and its two-hundred day simple moving average is $69.32.
Targa Resources Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 15th. Shareholders of record on Friday, July 29th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.04%. The ex-dividend date was Thursday, July 28th. Targa Resources's payout ratio is currently 159.09%.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on TRGP. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Tuesday, July 12th. Wells Fargo & Company cut their price objective on shares of Targa Resources to $83.00 and set an "overweight" rating for the company in a research report on Friday, May 20th. Barclays cut their price objective on shares of Targa Resources from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Wednesday, July 20th. US Capital Advisors reissued a "buy" rating on shares of Targa Resources in a research report on Monday, July 25th. Finally, Mizuho boosted their price objective on shares of Targa Resources from $87.00 to $91.00 and gave the company a "buy" rating in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $82.83.
Insiders Place Their Bets
In other Targa Resources news, insider Regina Gregory sold 6,494 shares of the business's stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total value of $437,630.66. Following the sale, the insider now owns 55,592 shares in the company, valued at approximately $3,746,344.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.10% of the company's stock.
About Targa Resources
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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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It 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; and gathering, storing, terminaling, purchasing, and selling crude oil.
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