Oppenheimer Asset Management Inc. lowered its position in shares of Targa Resources Corp (NYSE:TRGP) by 9.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,726 shares of the pipeline company’s stock after selling 892 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Targa Resources were worth $363,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Norges Bank acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $64,408,000. Tortoise Capital Advisors L.L.C. raised its position in shares of Targa Resources by 10.9% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 9,699,540 shares of the pipeline company’s stock worth $349,377,000 after purchasing an additional 955,152 shares during the period. Vanguard Group Inc raised its position in shares of Targa Resources by 4.5% during the 3rd quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock worth $1,131,238,000 after purchasing an additional 860,247 shares during the period. Deutsche Bank AG raised its position in shares of Targa Resources by 69.5% during the 4th quarter. Deutsche Bank AG now owns 1,855,330 shares of the pipeline company’s stock worth $66,824,000 after purchasing an additional 760,992 shares during the period. Finally, RR Advisors LLC raised its position in shares of Targa Resources by 32.3% during the 4th quarter. RR Advisors LLC now owns 2,504,000 shares of the pipeline company’s stock worth $90,195,000 after purchasing an additional 612,000 shares during the period. Hedge funds and other institutional investors own 91.16% of the company’s stock.
Shares of NYSE TRGP opened at $39.44 on Thursday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.51 and a quick ratio of 0.45. The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 197.20 and a beta of 2.01. Targa Resources Corp has a 1 year low of $33.55 and a 1 year high of $59.21.
Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, May 7th. The pipeline company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.18). Targa Resources had a net margin of 0.02% and a return on equity of 2.32%. Equities research analysts forecast that Targa Resources Corp will post -0.41 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a yield of 9.23%. The ex-dividend date is Tuesday, April 30th. Targa Resources’s payout ratio is currently 1,820.00%.
A number of analysts have recently weighed in on TRGP shares. Credit Suisse Group upgraded Targa Resources from a “neutral” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Wednesday, January 9th. Barclays set a $55.00 price target on Targa Resources and gave the stock a “buy” rating in a research report on Wednesday, January 16th. Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Tuesday, January 29th. Evercore ISI started coverage on Targa Resources in a research report on Tuesday, February 5th. They set a $46.00 price target on the stock. Finally, Zacks Investment Research cut Targa Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, February 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $55.45.
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Targa Resources Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
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