Oppenheimer Asset Management Inc. Has $2.03 Million Stock Position in Targa Resources, Inc. $TRGP

Oppenheimer Asset Management Inc. boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 19.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,686 shares of the pipeline company’s stock after buying an additional 1,928 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $2,034,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Nordea Investment Management AB raised its holdings in shares of Targa Resources by 260.2% in the second quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after purchasing an additional 93,119 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock valued at $494,000 after purchasing an additional 495 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in shares of Targa Resources by 34.2% in the second quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock valued at $221,104,000 after purchasing an additional 323,398 shares during the last quarter. Aberdeen Group plc raised its holdings in shares of Targa Resources by 17.6% in the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock valued at $30,563,000 after purchasing an additional 26,318 shares during the last quarter. Finally, OFI Invest Asset Management raised its holdings in shares of Targa Resources by 6.5% in the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock valued at $42,411,000 after purchasing an additional 14,883 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP opened at $151.30 on Thursday. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 0.97 and a beta of 1.12. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $218.51. The company’s fifty day simple moving average is $161.76 and its 200 day simple moving average is $165.20. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s payout ratio is 56.58%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TRGP. TD Securities began coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. BMO Capital Markets began coverage on shares of Targa Resources in a report on Friday, September 19th. They issued an “outperform” rating and a $185.00 price objective on the stock. Mizuho lowered their price objective on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. Finally, Scotiabank restated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.50.

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.