Koch Industries Inc. Lowers Stake in Targa Resources Corp (TRGP)

Koch Industries Inc. reduced its position in Targa Resources Corp (NYSE:TRGP) by 22.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 7,345 shares of the pipeline company’s stock after selling 2,083 shares during the period. Koch Industries Inc.’s holdings in Targa Resources were worth $323,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRGP. Teza Capital Management LLC acquired a new stake in shares of Targa Resources during the first quarter worth $558,000. Quadrature Capital Ltd acquired a new stake in shares of Targa Resources during the first quarter worth $742,000. Stifel Financial Corp grew its stake in shares of Targa Resources by 24.2% during the first quarter. Stifel Financial Corp now owns 110,996 shares of the pipeline company’s stock worth $4,883,000 after purchasing an additional 21,595 shares during the period. Sei Investments Co. grew its stake in shares of Targa Resources by 70.8% during the first quarter. Sei Investments Co. now owns 88,019 shares of the pipeline company’s stock worth $3,873,000 after purchasing an additional 36,500 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in shares of Targa Resources by 41.1% during the first quarter. Russell Investments Group Ltd. now owns 286,987 shares of the pipeline company’s stock worth $12,611,000 after purchasing an additional 83,618 shares during the period. 95.30% of the stock is owned by institutional investors.

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A number of equities research analysts recently commented on the company. ValuEngine cut Targa Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Stifel Nicolaus set a $53.00 price objective on Targa Resources and gave the stock a “buy” rating in a research note on Friday, May 4th. Guggenheim set a $50.00 price objective on Targa Resources and gave the stock a “buy” rating in a research note on Monday, April 16th. Barclays cut Targa Resources from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $57.00 to $52.00 in a research note on Tuesday, June 12th. Finally, Robert W. Baird reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Thursday, March 15th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Targa Resources presently has a consensus rating of “Hold” and an average target price of $53.71.

Targa Resources opened at $46.54 on Friday, MarketBeat Ratings reports. Targa Resources Corp has a 1 year low of $39.59 and a 1 year high of $52.08. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.84 and a quick ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 3rd. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Targa Resources had a net margin of 1.82% and a return on equity of 0.88%. The business had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.70 billion. sell-side analysts predict that Targa Resources Corp will post -0.09 EPS for the current fiscal year.

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, 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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