Baird Financial Group Inc. Boosts Stake in Targa Resources Corp (TRGP)

Baird Financial Group Inc. lifted its holdings in Targa Resources Corp (NYSE:TRGP) by 4.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,704 shares of the pipeline company’s stock after buying an additional 1,861 shares during the period. Baird Financial Group Inc.’s holdings in Targa Resources were worth $2,113,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of TRGP. Proficio Capital Partners LLC boosted its stake in shares of Targa Resources by 121.0% during the 2nd quarter. Proficio Capital Partners LLC now owns 2,276 shares of the pipeline company’s stock worth $113,000 after purchasing an additional 1,246 shares during the period. James Hambro & Partners purchased a new position in shares of Targa Resources during the 2nd quarter worth about $113,000. Sit Investment Associates Inc. purchased a new position in shares of Targa Resources during the 2nd quarter worth about $127,000. Texas Yale Capital Corp. purchased a new stake in Targa Resources in the 2nd quarter valued at about $202,000. Finally, Quadrant Private Wealth Management LLC purchased a new stake in Targa Resources in the 2nd quarter valued at about $208,000. Hedge funds and other institutional investors own 92.23% of the company’s stock.

In other news, CAO John Richard Klein sold 2,092 shares of the business’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $53.52, for a total value of $111,963.84. Following the completion of the sale, the chief accounting officer now owns 24,972 shares in the company, valued at approximately $1,336,501.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles R. Crisp sold 3,100 shares of the business’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $54.13, for a total transaction of $167,803.00. Following the completion of the sale, the director now owns 120,105 shares of the company’s stock, valued at approximately $6,501,283.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,176 shares of company stock valued at $334,507. Company insiders own 1.76% of the company’s stock.

NYSE:TRGP opened at $55.13 on Friday. Targa Resources Corp has a one year low of $39.59 and a one year high of $56.42. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.64. The stock has a market capitalization of $12.53 billion, a PE ratio of -128.21 and a beta of 2.09.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 9th. The pipeline company reported $0.35 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.40. Targa Resources had a net margin of 2.24% and a return on equity of 1.62%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.35 billion. research analysts forecast that Targa Resources Corp will post 0.27 earnings per share for the current year.

TRGP has been the subject of several research reports. Zacks Investment Research cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Friday, August 24th. UBS Group boosted their price objective on shares of Targa Resources from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Friday, August 10th. ValuEngine raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research report on Saturday, July 14th. Seaport Global Securities cut shares of Targa Resources from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $53.00 to $55.00 in a research report on Friday, July 27th. Finally, US Capital Advisors reissued a “hold” rating on shares of Targa Resources in a research report on Tuesday, July 17th. Thirteen research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $55.94.

About Targa Resources

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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