OP Asset Management Ltd Makes New $5.36 Million Investment in Targa Resources, Inc. $TRGP

OP Asset Management Ltd acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 21,389 shares of the pipeline company’s stock, valued at approximately $5,363,000.

Other institutional investors have also recently made changes to their positions in the company. Olistico Wealth LLC acquired a new stake in Targa Resources during the fourth quarter valued at $27,000. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG purchased a new stake in shares of Targa Resources during the 4th quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Targa Resources during the 4th quarter worth about $37,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Barclays lifted their price target on Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday. Mizuho increased their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Wells Fargo & Company boosted their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, TD Cowen upped their target price on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $272.73.

Targa Resources Trading Down 0.2%

TRGP stock opened at $272.83 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00. The business’s 50-day moving average is $259.59 and its 200 day moving average is $229.14. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The stock has a market cap of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio is presently 50.56%.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.37% of the stock is currently owned by company 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.