Targa Resources Corp. (NYSE:TRGP) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 23.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,383 shares of the pipeline company’s stock after selling 2,850 shares during the period. Oppenheimer & Co. Inc.’s holdings in Targa Resources were worth $684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Cetera Advisor Networks LLC purchased a new stake in Targa Resources in the first quarter valued at $250,000. PNC Financial Services Group Inc. lifted its position in Targa Resources by 5.3% in the first quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock valued at $1,112,000 after buying an additional 737 shares during the last quarter. Sei Investments Co. boosted its stake in Targa Resources by 11.6% during the first quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock worth $14,072,000 after buying an additional 19,372 shares during the period. Brighton Jones LLC purchased a new stake in shares of Targa Resources in the 1st quarter valued at approximately $249,000. Finally, Covestor Ltd raised its stake in shares of Targa Resources by 91.8% in the 1st quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock valued at $108,000 after acquiring an additional 684 shares during the period. Hedge funds and other institutional investors own 90.21% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research analyst reports. Barclays reduced their price target on shares of Targa Resources from $92.00 to $89.00 in a research note on Tuesday, July 18th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $104.00 to $108.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. StockNews.com initiated coverage on shares of Targa Resources in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Citigroup boosted their price target on shares of Targa Resources from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Finally, Mizuho reissued a “buy” rating and issued a $99.00 price target on shares of Targa Resources in a research note on Friday, June 30th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $100.64.

Targa Resources Trading Up 0.5 %

Shares of NYSE:TRGP opened at $84.48 on Monday. Targa Resources Corp. has a 52 week low of $57.23 and a 52 week high of $85.53. The company’s 50 day moving average is $79.40 and its two-hundred day moving average is $75.17. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 2.60. The company has a market cap of $18.90 billion, a PE ratio of 22.89 and a beta of 2.28.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 3rd. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.21. Targa Resources had a net margin of 4.75% and a return on equity of 18.14%. The business had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $4.56 billion. Equities analysts predict that Targa Resources Corp. will post 4.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Friday, July 28th. Targa Resources’s payout ratio is 54.20%.

Insider Activity

In other news, CAO Julie H. Boushka sold 2,184 shares of the company’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $80.00, for a total value of $174,720.00. Following the completion of the transaction, the chief accounting officer now owns 64,596 shares in the company, valued at approximately $5,167,680. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Charles R. Crisp sold 3,500 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $82.22, for a total transaction of $287,770.00. Following the completion of the sale, the director now owns 121,024 shares in the company, valued at approximately $9,950,593.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,184 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $80.00, for a total transaction of $174,720.00. Following the transaction, the chief accounting officer now owns 64,596 shares of the company’s stock, valued at approximately $5,167,680. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,610 shares of company stock worth $1,215,524. Corporate insiders own 1.39% of the company’s stock.

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