Oxford Asset Management LLP Invests $245,000 in Targa Resources Corp. (NYSE:TRGP)

by · The Cerbat Gem

Oxford Asset Management LLP bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,371 shares of the pipeline company’s stock, valued at approximately $245,000.

Several other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Targa Resources during the 4th quarter valued at $505,132,000. GQG Partners LLC acquired a new position in Targa Resources during the 4th quarter valued at about $393,335,000. Canada Pension Plan Investment Board boosted its holdings in Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after acquiring an additional 1,038,350 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Targa Resources in the fourth quarter worth about $150,372,000. Finally, TD Asset Management Inc. increased its holdings in shares of Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after acquiring an additional 825,267 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TRGP. Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Citigroup boosted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Wells Fargo & Company lifted their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Barclays cut their price objective on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $210.64.

View Our Latest Stock Analysis on TRGP

Targa Resources Trading Up 0.3 %

TRGP stock opened at $177.61 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company’s 50-day simple moving average is $185.59 and its 200-day simple moving average is $188.24. The firm has a market cap of $38.65 billion, a P/E ratio of 30.94, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources’s payout ratio is presently 69.69%.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.34% of the company’s stock.

Targa Resources Company Profile

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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; and gathering, storing, terminaling, purchasing, and selling crude oil.

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