OVERSEA CHINESE BANKING Corp Ltd Purchases New Position in Targa Resources, Inc. $TRGP

OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,018 shares of the pipeline company’s stock, valued at approximately $525,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cornerstone Planning Group LLC increased its position in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Disciplina Capital Management LLC purchased a new stake in Targa Resources in the first quarter worth approximately $46,000. Olde Wealth Management LLC purchased a new stake in Targa Resources in the first quarter worth approximately $52,000. Hilltop National Bank purchased a new stake in Targa Resources in the second quarter worth approximately $63,000. Finally, Raleigh Capital Management Inc. boosted its holdings in Targa Resources by 1,173.5% in the first quarter. Raleigh Capital Management Inc. now owns 433 shares of the pipeline company’s stock worth $87,000 after purchasing an additional 399 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 0.1%

TRGP opened at $153.92 on Tuesday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51. The firm’s fifty day moving average is $162.14 and its 200 day moving average is $165.35. The stock has a market cap of $33.12 billion, a price-to-earnings ratio of 21.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.12.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. On average, sell-side analysts forecast that Targa Resources, Inc. 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 will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be paid a dividend of $1.00 per share. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources’s payout ratio is 56.58%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company restated an “overweight” rating and issued a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. BMO Capital Markets assumed coverage on shares of Targa Resources in a report on Friday, September 19th. They issued an “outperform” rating and a $185.00 target price on the stock. Barclays raised their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $209.50.

Targa Resources Company 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.