181,474 Shares in Targa Resources Corp. (NYSE:TRGP) Bought by OFI Invest Asset Management

OFI Invest Asset Management purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 181,474 shares of the pipeline company’s stock, valued at approximately $31,283,000. OFI Invest Asset Management owned 0.08% of Targa Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the company. MML Investors Services LLC grew its position in Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after purchasing an additional 10,100 shares during the last quarter. Nordea Investment Management AB grew its holdings in Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares in the last quarter. Capital Investment Advisors LLC increased its position in Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after acquiring an additional 5,431 shares during the period. Cerity Partners LLC raised its stake in Targa Resources by 47.5% during the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock valued at $4,277,000 after acquiring an additional 9,307 shares in the last quarter. Finally, Atomi Financial Group Inc. acquired a new position in Targa Resources during the 4th quarter worth $271,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Truist Financial dropped their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Scotiabank dropped their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday. Finally, UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $206.43.

Targa Resources Trading Down 0.0 %

Shares of NYSE TRGP opened at $181.93 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a one year low of $103.18 and a one year high of $218.51. The business has a 50-day moving average price of $198.77 and a two-hundred day moving average price of $179.95. The firm has a market capitalization of $39.68 billion, a PE ratio of 31.70, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.65%. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

Insider Transactions at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last three months. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.