December 1, 2016 - By Winifred Garcia · 0 Comments
Targa Resources Corp (NYSE:TRGP) institutional sentiment increased to 1.46 in Q2 2016. Its up 0.12, from 1.34 in 2016Q1. The ratio increased, as 174 hedge funds increased or started new stock positions, while 130 sold and trimmed holdings in Targa Resources Corp. The hedge funds in our partner’s database now have: 131.44 million shares, down from 254.13 million shares in 2016Q1. Also, the number of hedge funds holding Targa Resources Corp in their top 10 stock positions increased from 6 to 8 for an increase of 2. Sold All: 43 Reduced: 87 Increased: 107 New Position: 67.
Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP , is a well-known provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The company has a market cap of $9.45 billion. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products. It currently has negative earnings. The Partnership operates in two divisions: Gathering and Processing, and Logistics and Marketing.
The stock increased 9.67% or $4.7 during the last trading session, hitting $53.29. Targa Resources Corp (NYSE:TRGP) has risen 37.66% since April 28, 2016 and is uptrending. It has outperformed by 31.74% the S&P500.
Analysts await Targa Resources Corp (NYSE:TRGP) to report earnings on February, 23. They expect $0.01 EPS, down 97.92% or $0.47 from last year’s $0.48 per share. TRGP’s profit will be $1.77 million for 1332.25 P/E if the $0.01 EPS becomes a reality. After $-0.23 actual EPS reported by Targa Resources Corp for the previous quarter, Wall Street now forecasts -104.35% EPS growth.
According to Zacks Investment Research, “Targa Resources Corp owns general and limited partner interests in Targa Resources Partners LP, engaged in providing midstream natural gas and natural gas liquid services in the United States. The Company operates its business through two business segments: Natural Gas Gathering and Processing and NGL Logistics and Marketing. The Natural Gas Gathering and Processing segment includes assets used in the gathering of natural gas produced from oil and gas wells and processing this raw natural gas into merchantable natural gas by extracting natural gas liquids and removing impurities. NGL Logistics and Marketing segment is engaged in gathering and storing; fractionating, storing, and transporting of finished NGLs. Targa also markets the natural gas liquids produced and purchased in selected United States markets. The Company also offers refinery services and wholesale propane marketing operations. Targa Resources Corp is headquartered in Houston, Texas.”
Hite Hedge Asset Management Llc holds 9.35% of its portfolio in Targa Resources Corp for 545,391 shares. Chickasaw Capital Management Llc owns 7.79 million shares or 8.08% of their US portfolio. Moreover, Center Coast Capital Advisors Lp has 6.14% invested in the company for 5.21 million shares. The New York-based Yorkville Capital Management Llc has invested 4.63% in the stock. Walnut Private Equity Partners Llc, a Nebraska-based fund reported 116,689 shares.#img1#
Insider Transactions: Since January 1, 0001, the stock had 0 insider buys, and 22 insider sales for $12.52 million net activity.
Ratings analysis reveals 67% of Targa Resources’s analysts are positive. Out of 12 Wall Street analysts rating Targa Resources, 8 give it “Buy”, 0 “Sell” rating, while 4 recommend “Hold”. The lowest target is $24 while the high is $110. The stock’s average target of $54.86 is 2.95% above today’s ($53.29) share price. TRGP was included in 33 notes of analysts from August 5, 2015. The firm earned “Buy” rating on Tuesday, March 22 by Jefferies. The firm has “Equal Weight” rating given on Monday, May 2 by Barclays Capital. Wunderlich maintained it with “Hold” rating and $45 target price in Wednesday, August 31 report. Credit Suisse upgraded Targa Resources Corp (NYSE:TRGP) rating on Friday, February 26. Credit Suisse has “Neutral” rating and $33 price target. The stock of Targa Resources Corp (NYSE:TRGP) has “Buy” rating given on Thursday, January 14 by Jefferies. The company was upgraded on Friday, December 18 by Jefferies. RBC Capital Markets maintained the shares of TRGP in a report on Wednesday, November 4 with “Outperform” rating. The stock of Targa Resources Corp (NYSE:TRGP) has “Buy” rating given on Monday, March 14 by Citigroup. The firm has “Equal-Weight” rating by Barclays Capital given on Wednesday, March 23. RBC Capital Markets maintained the shares of TRGP in a report on Thursday, November 3 with “Outperform” rating.
Targa Resources Corp. (Targa) forms the Partnership to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. The Company’s indirect subsidiary is the sole general partner of Targa Resources Partners LP (the Partnership). The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling natural gas liquids (NGLs), NGL products, refined petroleum products and crude oil. The Firm operates in two divisions: Natural Gas Gathering and Processing. Natural Gas Gathering and Processing, consisting of two divisions: Field Gathering and Processing and Coastal Gathering and Processing. Logistics and Marketing, consisting of two divisions: Logistics Assets and Marketing and Distribution. During the year ended December 31, 2011, the Company projects included Cedar Bayou Fractionator expansion project, North Texas expansion program, SAOU expansion project, Cedar Bayou fractionation expansion, International propane export project, North Texas Longhorn project, Petroleum logistics terminal expansions, Benzene treating project, SAOU/Permian expansion programs, North Texas expansion program, HD-5 Refrigeration Export project and Gulf Coast Fractionators expansion project. On March 15, 2011, the Partnership acquired a refined petroleum products and crude oil storage and terminaling facility in Channelview, Texas on Carpenter’s Bayou along the Houston Ship Channel (the Channelview Terminal). On September 30, 2011 the Partnership acquired refined petroleum products and crude oil storage and terminaling facilities in two separate transactions.
More recent Targa Resources Corp (NYSE:TRGP) news were published by: Fool.com which released: “Targa Resources Corp Is Running Out of Room to Grow… What’s Next?” on September 26, 2016. Also Forbes.com published the news titled: “Targa Resources (TRGP) Passes Through 8% Yield Mark” on September 07, 2016. Forbes.com‘s news article titled: “Why Targa Resources Is a Top 10 Energy Dividend Stock (TRGP)” with publication date: July 21, 2016 was also an interesting one.
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By Winifred Garcia