Oddo BHF Asset Management Sas Decreases Stock Position in Targa Resources, Inc. $TRGP

Oddo BHF Asset Management Sas lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 52.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 11,347 shares of the pipeline company’s stock after selling 12,327 shares during the period. Oddo BHF Asset Management Sas’ holdings in Targa Resources were worth $2,094,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Olistico Wealth LLC purchased a new stake in Targa Resources during the 4th quarter valued at $27,000. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources during the 4th quarter valued at $27,000. Leonteq Securities AG purchased a new stake in Targa Resources during the 4th quarter valued at $31,000. Godfrey Financial Associates Inc. purchased a new stake in Targa Resources during the 4th quarter valued at $37,000. Finally, Eagle Bay Advisors LLC purchased a new stake in Targa Resources during the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $259.62 on Wednesday. The stock’s fifty day moving average is $256.08 and its two-hundred day moving average is $224.49. The company has a market capitalization of $55.72 billion, a PE ratio of 26.25, a price-to-earnings-growth ratio of 1.34 and a beta of 0.72. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on TRGP shares. Morgan Stanley increased their price target on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. BMO Capital Markets restated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. UBS Group upped their price objective on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. TD Cowen upped their price objective on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Finally, Scotiabank upped their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research report on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average price target of $269.21.

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.