Oppenheimer & Co. Inc. increased its stake in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 187.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,233 shares of the pipeline company’s stock after purchasing an additional 7,983 shares during the period. Oppenheimer & Co. Inc.’s holdings in Targa Resources were worth $899,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Cohen & Steers Inc. raised its stake in Targa Resources by 6.5% during the 3rd quarter. Cohen & Steers Inc. now owns 1,578,510 shares of the pipeline company’s stock valued at $95,247,000 after acquiring an additional 95,874 shares in the last quarter. Ellevest Inc. raised its stake in Targa Resources by 122.9% during the 4th quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 193 shares in the last quarter. Inspire Investing LLC bought a new stake in Targa Resources during the 3rd quarter valued at $294,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Targa Resources by 12.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,059 shares of the pipeline company’s stock valued at $2,115,000 after acquiring an additional 3,901 shares in the last quarter. Finally, Ergoteles LLC bought a new stake in Targa Resources during the 3rd quarter valued at $1,322,000. Institutional investors own 88.29% of the company’s stock.
Targa Resources Trading Down 1.6 %
Targa Resources stock opened at $69.69 on Friday. The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.60 and a current ratio of 0.66. The business’s 50-day simple moving average is $73.30 and its 200-day simple moving average is $73.00. The firm has a market capitalization of $15.75 billion, a PE ratio of 18.05 and a beta of 2.28. Targa Resources Corp. has a 52 week low of $55.56 and a 52 week high of $80.40.
Targa Resources Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Friday, April 28th will be paid a $0.50 dividend. The ex-dividend date is Thursday, April 27th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.35. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.87%. Targa Resources’s payout ratio is presently 51.81%.
Analyst Ratings Changes
TRGP has been the topic of several research analyst reports. Wells Fargo & Company lifted their price target on Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. Raymond James lifted their price target on Targa Resources from $95.00 to $100.00 and gave the company a “strong-buy” rating in a research report on Friday, April 21st. Capital One Financial reiterated an “overweight” rating on shares of Targa Resources in a research report on Thursday, April 20th. Scotiabank began coverage on Targa Resources in a research report on Thursday, March 2nd. They set an “outperform” rating and a $115.00 price target on the stock. Finally, Seaport Res Ptn restated a “buy” rating on shares of Targa Resources in a report on Thursday, February 16th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $99.82.
Targa Resources Company Profile
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
Read More
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