Castleton Investment Management LLC Acquires 33,000 Shares of Targa Resources, Inc. (TRGP)

Castleton Investment Management LLC grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 137.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,000 shares of the pipeline company’s stock after acquiring an additional 33,000 shares during the period. Targa Resources comprises approximately 1.0% of Castleton Investment Management LLC’s holdings, making the stock its 29th largest position. Castleton Investment Management LLC’s holdings in Targa Resources were worth $2,696,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TRGP. AMP Capital Investors Ltd lifted its stake in shares of Targa Resources by 12.5% during the 3rd quarter. AMP Capital Investors Ltd now owns 96,528 shares of the pipeline company’s stock valued at $4,567,000 after buying an additional 10,700 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in shares of Targa Resources by 84.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 158,127 shares of the pipeline company’s stock valued at $7,479,000 after buying an additional 72,611 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Targa Resources by 14.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 112,358 shares of the pipeline company’s stock valued at $5,337,000 after buying an additional 14,300 shares in the last quarter. Stifel Financial Corp lifted its stake in shares of Targa Resources by 504.5% during the 3rd quarter. Stifel Financial Corp now owns 88,810 shares of the pipeline company’s stock valued at $4,199,000 after buying an additional 74,118 shares in the last quarter. Finally, OxFORD Asset Management LLP purchased a new position in shares of Targa Resources during the 3rd quarter valued at $2,479,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Shares of Targa Resources, Inc. (NYSE:TRGP) traded up $0.23 during midday trading on Wednesday, hitting $45.03. 1,881,200 shares of the stock traded hands, compared to its average volume of 1,891,006. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.57 and a current ratio of 0.74. Targa Resources, Inc. has a 52-week low of $39.59 and a 52-week high of $61.83.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 8.08%. The ex-dividend date was Tuesday, October 31st. Targa Resources’s dividend payout ratio is -143.31%.

Several analysts have commented on TRGP shares. BMO Capital Markets set a $51.00 price target on shares of Targa Resources and gave the stock a “hold” rating in a research note on Tuesday, August 15th. Citigroup cut shares of Targa Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $54.00 to $52.00 in a research note on Tuesday, October 10th. Guggenheim upgraded shares of Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Monday, August 14th. TheStreet cut shares of Targa Resources from a “c-” rating to a “d+” rating in a research note on Monday, November 13th. Finally, Wells Fargo & Company decreased their price target on shares of Targa Resources from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, October 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $54.33.

In other news, VP John Richard Klein sold 2,292 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $41.85, for a total transaction of $95,920.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.93% of the stock is currently owned by corporate insiders.

COPYRIGHT VIOLATION WARNING: “Castleton Investment Management LLC Acquires 33,000 Shares of Targa Resources, Inc. (TRGP)” was originally reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are viewing this report on another domain, it was illegally copied and republished in violation of U.S. & international trademark & copyright law. The legal version of this report can be read at https://www.chaffeybreeze.com/2017/12/06/castleton-investment-management-llc-acquires-33000-shares-of-targa-resources-inc-trgp.html.

About Targa Resources

Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP).

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply