Oppenheimer & Co. Inc. Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Oppenheimer & Co. Inc. reduced its position in shares of Targa Resources Corp. (NYSE:TRGPFree Report) by 45.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,650 shares of the pipeline company’s stock after selling 2,200 shares during the period. Oppenheimer & Co. Inc.’s holdings in Targa Resources were worth $227,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its holdings in Targa Resources by 104,219.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock valued at $1,855,224,000 after purchasing an additional 25,216,947 shares during the period. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 424.5% in the 1st quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock valued at $285,110,000 after buying an additional 3,057,486 shares during the period. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter valued at about $99,690,000. State Street Corp boosted its stake in shares of Targa Resources by 14.4% in the 1st quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock valued at $591,455,000 after buying an additional 986,283 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Targa Resources by 192.6% in the 3rd quarter. Alliancebernstein L.P. now owns 1,063,563 shares of the pipeline company’s stock valued at $64,175,000 after buying an additional 700,131 shares during the period. 90.21% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent research reports. UBS Group decreased their price target on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Truist Financial lifted their price objective on shares of Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. Finally, Barclays lifted their price objective on shares of Targa Resources from $94.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 17th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $105.00.

Read Our Latest Analysis on TRGP

Targa Resources Trading Up 1.6 %

NYSE:TRGP opened at $88.51 on Tuesday. The company has a market capitalization of $19.74 billion, a PE ratio of 23.17 and a beta of 2.18. Targa Resources Corp. has a 52-week low of $64.85 and a 52-week high of $91.43. The stock’s 50 day moving average price is $85.58 and its 200 day moving average price is $85.31. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 2.81.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Tuesday, January 30th. Targa Resources’s dividend payout ratio is currently 52.36%.

Targa Resources Profile

(Free Report)

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.

Read More

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp. (NYSE:TRGPFree Report).

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.