OFI Invest Asset Management Takes Position in Targa Resources Corp. (NYSE:TRGP)

OFI Invest Asset Management acquired a new position in Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 181,474 shares of the pipeline company’s stock, valued at approximately $31,283,000.

Several other large investors have also made changes to their positions in the business. QRG Capital Management Inc. boosted its holdings in Targa Resources by 33.9% in the 3rd quarter. QRG Capital Management Inc. now owns 8,086 shares of the pipeline company’s stock valued at $1,197,000 after purchasing an additional 2,048 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Targa Resources by 2.9% in the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock valued at $120,540,000 after buying an additional 22,621 shares during the period. Leavell Investment Management Inc. grew its position in Targa Resources by 11.7% during the third quarter. Leavell Investment Management Inc. now owns 4,287 shares of the pipeline company’s stock worth $635,000 after buying an additional 450 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in Targa Resources by 3.3% during the third quarter. Crossmark Global Holdings Inc. now owns 10,920 shares of the pipeline company’s stock valued at $1,616,000 after acquiring an additional 344 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its position in shares of Targa Resources by 3.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 76,103 shares of the pipeline company’s stock worth $11,264,000 after acquiring an additional 2,245 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $181.93 on Friday. The business’s 50-day simple moving average is $198.77 and its 200 day simple moving average is $179.95. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $39.68 billion, a price-to-earnings ratio of 31.70, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12-month low of $103.18 and a 12-month high of $218.51.

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

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued 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 is presently 52.26%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TRGP. Truist Financial lowered their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Barclays lifted their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Stifel Nicolaus increased their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $206.43.

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.