Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 5.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,023 shares of the pipeline company’s stock after buying an additional 552 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $1,789,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. NewEdge Wealth LLC raised its stake in Targa Resources by 6.5% in the 4th quarter. NewEdge Wealth LLC now owns 9,611 shares of the pipeline company’s stock valued at $1,716,000 after purchasing an additional 583 shares during the last quarter. Checchi Capital Advisers LLC raised its stake in Targa Resources by 5.9% in the 4th quarter. Checchi Capital Advisers LLC now owns 3,585 shares of the pipeline company’s stock valued at $640,000 after purchasing an additional 200 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in Targa Resources by 69.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 472,079 shares of the pipeline company’s stock valued at $84,266,000 after purchasing an additional 194,180 shares during the last quarter. IFP Advisors Inc raised its stake in Targa Resources by 78.8% in the 4th quarter. IFP Advisors Inc now owns 524 shares of the pipeline company’s stock valued at $94,000 after purchasing an additional 231 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Targa Resources in the 4th quarter valued at about $2,505,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of several analyst reports. Mizuho boosted their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Barclays boosted their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada upped their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Citigroup upped their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $207.00.

Targa Resources Stock Down 3.1 %

Shares of NYSE:TRGP opened at $195.49 on Tuesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 1 year low of $99.04 and a 1 year high of $218.51. The stock has a market capitalization of $42.64 billion, a P/E ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29. The stock has a 50-day simple moving average of $198.29 and a 200-day simple moving average of $179.02.

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

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Insiders Place Their Bets

In other news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last 90 days. 1.39% of the stock is owned by company insiders.

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.