Targa Resources Corp. (NYSE:TRGP) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. decreased its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 32.6% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,471 shares of the pipeline company's stock after selling 4,584 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Targa Resources were worth $1,402,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Pinnacle Financial Partners Inc lifted its stake in shares of Targa Resources by 25.4% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 2,239 shares of the pipeline company's stock valued at $331,000 after buying an additional 453 shares in the last quarter. Aigen Investment Management LP bought a new stake in Targa Resources in the 3rd quarter valued at $528,000. Prime Capital Investment Advisors LLC increased its holdings in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company's stock valued at $321,000 after acquiring an additional 84 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Targa Resources by 9.6% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,163 shares of the pipeline company's stock valued at $76,693,000 after acquiring an additional 45,590 shares during the last quarter. Finally, Entropy Technologies LP increased its holdings in Targa Resources by 78.0% in the 3rd quarter. Entropy Technologies LP now owns 38,425 shares of the pipeline company's stock valued at $5,687,000 after acquiring an additional 16,836 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $2.96 during midday trading on Monday, reaching $199.00. The company's stock had a trading volume of 901,105 shares, compared to its average volume of 1,645,483. The firm has a market capitalization of $43.39 billion, a PE ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $199.76. The stock has a fifty day moving average of $163.51 and a 200 day moving average of $141.15. 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 (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the business earned $0.97 earnings per share. On average, equities analysts expect that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Royal Bank of Canada lifted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 15th. Finally, UBS Group lifted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research note on Friday. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of "Buy" and an average price target of $169.79.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,760 shares of company stock valued at $30,026,712. Corporate insiders own 1.39% of the company's stock.

Targa Resources Company Profile

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.