Oxford Financial Group LTD. LLC Purchases New Position in Targa Resources Corp. (NYSE:TRGP)

Oxford Financial Group LTD. LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 7,500 shares of the pipeline company’s stock, valued at approximately $652,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its position in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the last quarter. Blackstone Inc. lifted its stake in shares of Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after acquiring an additional 3,554,989 shares during the period. Norges Bank bought a new stake in Targa Resources in the fourth quarter valued at approximately $187,123,000. Truist Financial Corp increased its position in Targa Resources by 11,513.7% during the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock valued at $54,555,000 after purchasing an additional 630,949 shares during the period. Finally, Morgan Stanley raised its holdings in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after purchasing an additional 524,794 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Down 1.0 %

NYSE TRGP opened at $119.00 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 52 week low of $69.86 and a 52 week high of $122.24. The business has a 50 day moving average price of $115.58 and a 200-day moving average price of $101.16. The company has a market cap of $26.38 billion, a price-to-earnings ratio of 24.49, a P/E/G ratio of 0.71 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. As a group, equities analysts expect that Targa Resources Corp. will post 5.27 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.52%. Targa Resources’s payout ratio is presently 61.73%.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of analyst reports. Scotiabank upped their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Truist Financial upped their price target on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. The Goldman Sachs Group lifted their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Royal Bank of Canada upped their target price on Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. Finally, Mizuho lifted their target price on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.58.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the completion of the sale, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the transaction, the insider now directly owns 196,951 shares in the company, valued at approximately $23,649,876.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold 42,691 shares of company stock worth $4,894,563 in the last quarter. Insiders own 1.39% of the company’s stock.

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.