OFI Invest Asset Management Purchases 70,444 Shares of Targa Resources, Inc. $TRGP

OFI Invest Asset Management lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 28.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 314,072 shares of the pipeline company’s stock after purchasing an additional 70,444 shares during the period. OFI Invest Asset Management’s holdings in Targa Resources were worth $52,620,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Norges Bank acquired a new position in Targa Resources during the second quarter worth approximately $708,366,000. Amundi lifted its position in shares of Targa Resources by 33.8% in the first quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock valued at $493,812,000 after buying an additional 622,096 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Targa Resources by 441.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after acquiring an additional 550,591 shares during the period. Canada Pension Plan Investment Board increased its holdings in shares of Targa Resources by 47.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,684,917 shares of the pipeline company’s stock worth $337,775,000 after acquiring an additional 540,808 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Targa Resources by 306.6% in the 2nd quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock valued at $104,686,000 after acquiring an additional 453,460 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

NYSE TRGP opened at $182.54 on Tuesday. The firm has a 50-day moving average price of $167.77 and a two-hundred day moving average price of $167.15. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51. The company has a market capitalization of $39.18 billion, a P/E ratio of 24.27, a P/E/G ratio of 1.03 and a beta of 0.89. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, October 31st. Targa Resources’s dividend payout ratio is presently 53.19%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TRGP shares. Wells Fargo & Company increased their price objective on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday. Morgan Stanley upped their price target on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Mizuho cut their price objective on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Finally, BMO Capital Markets increased their target price on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $210.79.

Insiders Place Their Bets

In related news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the sale, the insider owned 22,139 shares in the company, valued at $3,812,557.19. The trade was a 47.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.