Oppenheimer Asset Management Inc. Sells 4,584 Shares of Targa Resources Corp. (NYSE:TRGP)

Oppenheimer Asset Management Inc. decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 32.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,471 shares of the pipeline company’s stock after selling 4,584 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $1,402,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. DT Investment Partners LLC bought a new position in Targa Resources in the 3rd quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the second quarter worth about $29,000. UMB Bank n.a. grew its holdings in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in Targa Resources in the 2nd quarter worth about $44,000. Finally, Venturi Wealth Management LLC lifted its holdings in Targa Resources by 36.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock valued at $79,000 after buying an additional 141 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 2.3 %

Shares of TRGP stock opened at $196.04 on Monday. The stock’s fifty day moving average price is $163.51 and its 200 day moving average price is $140.95. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $197.14. The company has a market cap of $42.75 billion, a price-to-earnings ratio of 35.45, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the company posted $0.97 earnings per share. On average, research analysts expect that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. UBS Group raised their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial upped their target price on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Bank of America started coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $169.79.

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.