OMERS ADMINISTRATION Corp lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) by 29.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,791 shares of the pipeline company’s stock after purchasing an additional 2,204 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Targa Resources were worth $2,455,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of TRGP. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the 4th quarter worth $30,000. Global Assets Advisory LLC purchased a new position in Targa Resources during the 1st quarter worth $41,000. Leonteq Securities AG purchased a new position in Targa Resources during the 4th quarter worth $31,000. Finally, Valued Wealth Advisors LLC increased its stake in Targa Resources by 57.7% in the first quarter. Valued Wealth Advisors LLC now owns 175 shares of the pipeline company’s stock valued at $44,000 after purchasing an additional 64 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.
Targa Resources Trading Down 2.1%
TRGP stock opened at $262.01 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company has a market cap of $56.24 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.37 and a beta of 0.71. The business has a fifty day simple moving average of $269.42 and a 200-day simple moving average of $243.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $291.04.
Targa Resources Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources’s dividend payout ratio is 50.56%.
Wall Street Analyst Weigh In
Several brokerages have weighed in on TRGP. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. TD Cowen upped their price target on Targa Resources from $245.00 to $270.00 and gave the stock a “hold” rating in a research note on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Mizuho boosted their price target on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group assumed coverage on shares of Targa Resources in a report on Thursday, June 18th. They set a “buy” rating and a $314.00 price target for the company. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $288.00.
Read Our Latest Report on TRGP
Insider Activity at Targa Resources
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 value of $2,713,687.92. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.37% of the company’s stock.
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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