National Bank of Canada FI Sells 151,678 Shares of Targa Resources Corp. (NYSE:TRGP)

National Bank of Canada FI lowered its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 27.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 401,046 shares of the pipeline company’s stock after selling 151,678 shares during the quarter. National Bank of Canada FI’s holdings in Targa Resources were worth $34,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of TRGP. Deutsche Bank AG grew its position in Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after acquiring an additional 3,720,270 shares during the period. Truist Financial Corp increased its position in shares of Targa Resources by 11,513.7% during the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after purchasing an additional 630,949 shares in the last quarter. Morgan Stanley lifted its holdings in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the last quarter. abrdn plc boosted its position in Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after buying an additional 431,156 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Targa Resources by 5.1% during the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after buying an additional 401,144 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TRGP shares. Citigroup boosted their price objective on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. UBS Group lowered their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. Truist Financial boosted their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, JPMorgan Chase & Co. upped their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.92.

Insider Buying and Selling

In other news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the sale, the insider now directly owns 219,451 shares in the company, valued at $21,354,776.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $97.31, for a total value of $973,100.00. Following the sale, the insider now owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 81,966 shares of company stock worth $7,987,215. 1.44% of the stock is owned by corporate insiders.

Targa Resources Stock Up 0.3 %

TRGP traded up $0.29 during trading on Monday, reaching $112.60. The company had a trading volume of 346,599 shares, compared to its average volume of 1,722,665. The company has a market cap of $24.97 billion, a P/E ratio of 23.11 and a beta of 2.19. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The business’s fifty day moving average price is $110.02 and its 200 day moving average price is $94.98.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Equities analysts anticipate that Targa Resources Corp. will post 5.72 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio is currently 61.73%.

About Targa Resources

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.