Targa Resources, Inc. $TRGP Shares Sold by OFI Invest Asset Management

Key Points

• OFI Invest Asset Management cut its stake in Targa Resources by 8.6% in Q4, selling 26,935 shares and now holds 287,137 shares worth about $52.98 million (≈0.13% of the company).
• Analysts have lifted price targets recently and the stock has a consensus "Moderate Buy" with an average target of $256.71 (notable raises include Morgan Stanley to $327 and Citi to $262).
• Insiders have been net sellers—Patrick J. Mcdonie sold 31,537 shares for roughly $7.55 million, and insiders sold 104,929 shares (about $24.7 million) over the last 90 days, while insiders own 1.34% of the stock.

OFI Invest Asset Management lowered its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 287,137 shares of the pipeline company's stock after selling 26,935 shares during the quarter. OFI Invest Asset Management owned 0.13% of Targa Resources worth $52,977,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in TRGP. Equitable Holdings Inc. boosted its stake in Targa Resources by 3.6% in the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock worth $287,000 after buying an additional 60 shares during the last quarter. Larson Financial Group LLC boosted its stake in Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock worth $253,000 after buying an additional 60 shares during the last quarter. State of Wyoming boosted its stake in Targa Resources by 3.2% in the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company's stock worth $361,000 after buying an additional 64 shares during the last quarter. Stratos Wealth Partners LTD. boosted its stake in Targa Resources by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company's stock worth $845,000 after buying an additional 64 shares during the last quarter. Finally, Savant Capital LLC boosted its stake in Targa Resources by 2.6% in the 3rd quarter. Savant Capital LLC now owns 2,849 shares of the pipeline company's stock worth $477,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on TRGP shares. Morgan Stanley raised their price target on Targa Resources from $298.00 to $327.00 and gave the stock an "overweight" rating in a research note on Tuesday. Citigroup raised their price target on Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Barclays raised their price target on Targa Resources from $226.00 to $255.00 and gave the stock an "overweight" rating in a research note on Tuesday. Stifel Nicolaus lifted their price objective on Targa Resources from $213.00 to $243.00 and gave the company a "buy" rating in a research note on Friday, February 20th. Finally, Mizuho lifted their price objective on Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, March 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $256.71.

Targa Resources Stock Performance

NYSE TRGP opened at $244.04 on Thursday. The firm has a market capitalization of $52.42 billion, a P/E ratio of 28.41, a P/E/G ratio of 1.60 and a beta of 0.81. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $253.87. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The business's 50-day simple moving average is $231.98 and its 200-day simple moving average is $193.16.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources's payout ratio is currently 46.57%.

Insiders Place Their Bets

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the business's stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director directly owned 77,094 shares in the company, valued at $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 104,929 shares of company stock worth $24,692,134. 1.34% of the stock is owned by insiders.

About Targa Resources

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.

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