Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 10,023 shares of the pipeline company’s stock after acquiring an additional 552 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $1,789,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in TRGP. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources during the 3rd quarter valued at approximately $35,000. Aspect Partners LLC raised its position in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares in the last quarter. Rosenberg Matthew Hamilton raised its position in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in Targa Resources in the fourth quarter worth $49,000. Finally, UMB Bank n.a. increased its position in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after buying an additional 106 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Down 3.1 %

NYSE:TRGP opened at $195.49 on Tuesday. Targa Resources Corp. has a 1 year low of $99.04 and a 1 year high of $218.51. The stock has a market cap of $42.64 billion, a price-to-earnings ratio of 34.06, a PEG ratio of 0.61 and a beta of 2.29. The business has a fifty day moving average of $198.29 and a 200-day moving average of $179.02. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

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

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.53%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now 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 filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TRGP. Wells Fargo & Company increased their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Barclays increased their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Stifel Nicolaus increased their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Royal Bank of Canada increased their target price on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $207.00.

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.