November 23, 2016 - By Linda Rogers
Joe Perkins – a widely followed insider in Targa Resources Corp who’s the present Chief Executive Officer — sold some 31,768 shares of Targa Resources Corp, valued around almost U.S Dollars 1,665,086 which is based on an average stock price per share of U.S Dollars 52.4. Joe Perkins now indirectly has 271132 shares. He also directly has 439256 shares. In total he holds a stake of 0.39%. The deal, dated November 22, 2016, is recorded on a report submitted with the Washington-based Security and Exchange Commission and is also freely available for public review here.
Out of 12 analysts covering Targa Resources (NYSE:TRGP), 8 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 67% are positive. $110 is the highest target while $24 is the lowest. The $54.86 average target is 6.15% above today’s ($51.68) stock price. Targa Resources has been the topic of 33 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Wunderlich maintained Targa Resources Corp (NYSE:TRGP) on Friday, February 26 with “Hold” rating. The firm has “Buy” rating given on Thursday, August 4 by Stifel Nicolaus. The rating was downgraded by Stifel Nicolaus to “Hold” on Thursday, September 29. Jefferies maintained Targa Resources Corp (NYSE:TRGP) on Tuesday, March 22 with “Buy” rating. The rating was downgraded by Raymond James on Monday, January 4 to “Mkt Perform”. The firm has “Hold” rating by Jefferies given on Wednesday, June 8. The rating was upgraded by Barclays Capital on Tuesday, September 27 to “Overweight”. Goldman Sachs upgraded Targa Resources Corp (NYSE:TRGP) on Monday, September 19 to “Buy” rating. The firm has “Buy” rating by Stifel Nicolaus given on Thursday, November 3. The stock of Targa Resources Corp (NYSE:TRGP) has “Neutral” rating given on Friday, February 26 by Credit Suisse.
Insitutional Activity: The institutional sentiment increased to 1.46 in Q2 2016. Its up 0.12, from 1.34 in 2016Q1. The ratio increased, as 43 funds sold all Targa Resources Corp shares owned while 87 reduced positions. 67 funds bought stakes while 107 increased positions. They now own 131.44 million shares or 48.28% less from 254.13 million shares in 2016Q1.
Omers Administration Corporation has 119,200 shares for 0.1% of their US portfolio. Bankshares Of Ny Mellon holds 1.88M shares or 0.02% of its portfolio. Mariner Wealth Advsr Lc has invested 0.01% of its portfolio in Targa Resources Corp (NYSE:TRGP). Liberty Mutual Grp Asset Management last reported 0.19% of its portfolio in the stock. Bancorporation Of Montreal Can last reported 146,771 shares in the company. Rr Advisors Limited Co owns 254,000 shares or 1.6% of their US portfolio. Bluecrest Cap Management Ltd holds 0.02% of its portfolio in Targa Resources Corp (NYSE:TRGP) for 13,247 shares. Moreover, Art Advisors Ltd Llc has 0.07% invested in Targa Resources Corp (NYSE:TRGP) for 34,952 shares. The Guernsey-based Airain Ltd has invested 0.11% in Targa Resources Corp (NYSE:TRGP). Jane Street Grp Incorporated Limited Company last reported 0% of its portfolio in the stock. Private Ocean Limited Liability Com has 124 shares for 0% of their US portfolio. Grassi Inv Mgmt holds 48,732 shares or 0.39% of its portfolio. Westwood Holding Gp last reported 0.14% of its portfolio in the stock. Hite Hedge Asset Mngmt Limited Liability Corp has 545,391 shares for 9.35% of their US portfolio. Deutsche Natl Bank Ag last reported 0.04% of its portfolio in the stock.
Insider Transactions: Since June 13, 2016, the stock had 0 buys, and 21 selling transactions for $10.86 million net activity. McParland Jeffrey J sold 3,700 shares worth $166,995. Middlebrooks Dan C also sold $95,834 worth of Targa Resources Corp (NYSE:TRGP) on Wednesday, November 9. $450,362 worth of Targa Resources Corp (NYSE:TRGP) was sold by Perkins Joe Bob on Monday, October 10. WHALEN JAMES W also sold $1.00 million worth of Targa Resources Corp (NYSE:TRGP) shares. CRISP CHARLES R had sold 10,000 shares worth $461,300 on Monday, November 7. Heim Michael A sold $3.07M worth of Targa Resources Corp (NYSE:TRGP) on Monday, November 7. Chung Paul W sold $438,538 worth of stock.
The stock decreased 0.29% or $0.15 on November 23, hitting $51.68. About 1.99 million shares traded hands or 1.02% up from the average. Targa Resources Corp (NYSE:TRGP) has risen 34.87% since April 21, 2016 and is uptrending. It has outperformed by 29.54% the S&P500.
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 $9.15 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.
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.”
Analysts await Targa Resources Corp (NYSE:TRGP) to report earnings on February, 23. They expect $0.01 earnings per share, down 97.92% or $0.47 from last year’s $0.48 per share. TRGP’s profit will be $1.77 million for 1292.00 P/E if the $0.01 EPS becomes a reality. After $-0.23 actual earnings per share reported by Targa Resources Corp for the previous quarter, Wall Street now forecasts -104.35% EPS growth.
More notable 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 Fool.com with their article: “Here’s Why Shares of Targa Resources Corp. Surged 25.8% in February” published on March 05, 2016, Moodys.com published: “Moody’s downgrades Targa Resources Partners to Ba2” on March 29, 2016. More interesting news about Targa Resources Corp (NYSE:TRGP) were released by: Forbes.com and their article: “Why Targa Resources Is a Top 10 Energy Dividend Stock (TRGP)” published on July 21, 2016 as well as Forbes.com‘s news article titled: “Targa Resources (TRGP) Passes Through 8% Yield Mark” with publication date: September 07, 2016.
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.
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By Linda Rogers