21,389 Shares in Targa Resources, Inc. $TRGP Acquired by OP Asset Management Ltd

OP Asset Management Ltd acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 21,389 shares of the pipeline company’s stock, valued at approximately $5,363,000.

Several other large investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Targa Resources during the 4th quarter worth $735,758,000. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Targa Resources during the third quarter worth about $121,426,000. Finally, Tortoise Capital Advisors L.L.C. increased its position in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on TRGP. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Morgan Stanley raised their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group increased their price objective on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Stock Down 0.2%

Shares of TRGP opened at $272.83 on Friday. The company’s 50-day moving average price is $259.59 and its 200 day moving average price is $229.14. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a market cap of $58.56 billion, a P/E ratio of 27.59, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. On average, sell-side analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.