OMERS ADMINISTRATION Corp Acquires 2,204 Shares of Targa Resources, Inc. $TRGP

OMERS ADMINISTRATION Corp increased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 29.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,791 shares of the pipeline company’s stock after purchasing an additional 2,204 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Targa Resources were worth $2,455,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources during the 4th quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the 4th quarter worth approximately $30,000. Global Assets Advisory LLC bought a new stake in Targa Resources during the first quarter worth approximately $41,000. Leonteq Securities AG bought a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Finally, Valued Wealth Advisors LLC grew its stake in Targa Resources by 57.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 175 shares of the pipeline company’s stock valued at $44,000 after buying an additional 64 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP stock opened at $262.01 on Wednesday. The firm has a market cap of $56.24 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.37 and a beta of 0.71. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The stock has a 50-day moving average price of $269.42 and a 200 day moving average price of $243.64.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Research analysts expect that Targa Resources, Inc. will post 10.77 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio is currently 50.56%.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several research analyst reports. Mizuho boosted their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. The Goldman Sachs Group increased their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Finally, Erste Group Bank initiated coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating on the stock. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average price target of $288.00.

About Targa Resources

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.