OFI Invest Asset Management Has $52.62 Million Position in Targa Resources, Inc. $TRGP

OFI Invest Asset Management raised its position in Targa Resources, Inc. (NYSE:TRGP) by 28.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 314,072 shares of the pipeline company’s stock after purchasing an additional 70,444 shares during the period. OFI Invest Asset Management owned approximately 0.15% of Targa Resources worth $52,620,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Targa Resources in the 2nd quarter valued at $708,366,000. Amundi lifted its holdings in Targa Resources by 33.8% during the first quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock worth $493,812,000 after acquiring an additional 622,096 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Targa Resources by 441.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock valued at $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% in the first 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 in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Targa Resources by 306.6% in the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after acquiring an additional 453,460 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

NYSE TRGP opened at $182.54 on Tuesday. The firm’s 50 day moving average is $167.77 and its 200-day moving average is $167.15. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The company has a market capitalization of $39.18 billion, a PE ratio of 24.27, a price-to-earnings-growth ratio of 1.03 and a beta of 0.89. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last released its 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). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Insider Activity

In related news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the transaction, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group cut their price objective on Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Mizuho reduced their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. Scotiabank raised their price objective on shares of Targa Resources from $198.00 to $199.00 and gave the stock an “outperform” rating in a report on Wednesday, December 17th. Finally, UBS Group reaffirmed a “buy” rating and issued a $228.00 price objective on shares of Targa Resources in a research report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $210.79.

Targa Resources 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.