Oppenheimer & Co. Inc. Buys 1,116 Shares of Targa Resources Corp. (NYSE:TRGP)

Oppenheimer & Co. Inc. grew its stake in Targa Resources Corp. (NYSE:TRGP) by 54.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,166 shares of the pipeline company’s stock after purchasing an additional 1,116 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Targa Resources were worth $469,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TRGP. Buckley Wealth Management LLC increased its position in Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after buying an additional 65 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in shares of Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after buying an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its position in Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after buying an additional 84 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Targa Resources by 1.0% in the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after buying an additional 89 shares during the period. Finally, Catalina Capital Group LLC increased its holdings in Targa Resources by 3.4% in the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after purchasing an additional 99 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.4 %

Shares of TRGP opened at $202.79 on Thursday. The firm has a market cap of $44.22 billion, a P/E ratio of 36.67, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $205.20. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business has a 50-day moving average of $165.80 and a 200 day moving average of $142.40.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results 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. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the firm posted $0.97 earnings per share. As a group, research analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. Targa Resources’s payout ratio is 54.25%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on TRGP shares. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Truist Financial increased their price target on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. UBS Group upped their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $176.50.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,760 shares of company stock valued at $30,026,712. Corporate insiders own 1.39% of the company’s stock.

About Targa Resources

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.