Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 2.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,758 shares of the pipeline company’s stock after selling 265 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $1,956,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Ameriflex Group Inc. acquired a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after acquiring an additional 162 shares in the last quarter. Atala Financial Inc acquired a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Cary Street Partners Financial LLC acquired a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in Targa Resources in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several research analyst reports. The Goldman Sachs Group reduced their target price on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Scotiabank increased their target price on Targa Resources from $193.00 to $197.00 and gave the company a “sector outperform” rating in a research note on Thursday, June 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a $205.00 target price (up from $191.00) on shares of Targa Resources in a research note on Thursday. Truist Financial increased their target price on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Finally, US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus price target of $204.69.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $175.84 on Friday. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The business’s fifty day moving average price is $166.29 and its two-hundred day moving average price is $182.61. The firm has a market capitalization of $38.14 billion, a PE ratio of 32.38, a P/E/G ratio of 0.60 and a beta of 1.07.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

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.