Targa Resources Corp. (NYSE:TRGP) Shares Purchased by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 20.5% during the 4th quarter, Holdings Channel reports. The fund owned 8,841 shares of the pipeline company’s stock after purchasing an additional 1,506 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Targa Resources were worth $1,578,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares during the period. Atala Financial Inc acquired a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Cary Street Partners Financial LLC acquired a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. grew its holdings in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the period. Finally, Mizuho Bank Ltd. acquired a new stake in Targa Resources in the fourth quarter valued at approximately $36,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $166.62 on Friday. Targa Resources Corp. has a one year low of $113.65 and a one year high of $218.51. The company has a market cap of $36.15 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business’s 50 day moving average price is $177.59 and its 200 day moving average price is $188.02.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. On average, research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s payout ratio is 73.66%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Scotiabank dropped their price objective on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 29th. Royal Bank of Canada dropped their price objective on Targa Resources from $199.00 to $191.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. Barclays dropped their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Finally, US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $201.64.

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.