Oppenheimer Asset Management Inc. Purchases 262 Shares of Targa Resources Corp. (NYSE:TRGP)

Oppenheimer Asset Management Inc. increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 1.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 14,055 shares of the pipeline company’s stock after purchasing an additional 262 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $1,810,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Bancorp raised its position 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 purchasing an additional 89 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 93 shares during the last quarter. Catalina Capital Group LLC boosted its holdings in shares of Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after acquiring an additional 99 shares during the period. Gulf International Bank UK Ltd boosted its holdings in shares of Targa Resources by 0.6% during the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after acquiring an additional 100 shares during the period. Finally, &PARTNERS increased its stake in shares of Targa Resources by 1.1% during the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after purchasing an additional 107 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on TRGP. Royal Bank of Canada upped their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Truist Financial raised their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, The Goldman Sachs Group boosted their price target on Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $140.54.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $138.03, for a total value of $726,589.92. Following the sale, the director now owns 232,827 shares in the company, valued at $32,137,110.81. The disclosure for this sale can be found here. Insiders sold a total of 35,534 shares of company stock worth $4,788,590 in the last three months. 1.39% of the stock is owned by corporate insiders.

Targa Resources Stock Up 0.1 %

NYSE TRGP opened at $152.19 on Thursday. The business has a fifty day moving average price of $140.27 and a two-hundred day moving average price of $124.73. The stock has a market capitalization of $33.34 billion, a PE ratio of 31.31, a PEG ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $154.24. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company earned $1.44 EPS. Equities analysts expect that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

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.