Targa Resources Corp. (NYSE:TRGP) Shares Sold by National Bank of Canada FI

National Bank of Canada FI lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 27.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 401,046 shares of the pipeline company’s stock after selling 151,678 shares during the period. National Bank of Canada FI owned 0.18% of Targa Resources worth $34,588,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Addison Advisors LLC acquired a new stake in Targa Resources during the 4th quarter valued at approximately $27,000. VisionPoint Advisory Group LLC boosted its holdings in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares during the last quarter. Rational Advisors LLC acquired a new stake in Targa Resources during the 3rd quarter worth about $43,000. Huntington National Bank raised its stake in shares of Targa Resources by 124.4% during the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after buying an additional 296 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd lifted its holdings in shares of Targa Resources by 36.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after buying an additional 150 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TRGP shares. Barclays increased their target price on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Mizuho raised their price objective on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. The Goldman Sachs Group upped their target price on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. UBS Group dropped their price target on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. Finally, Truist Financial upped 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. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Stock Up 0.3 %

Shares of TRGP traded up $0.29 during midday trading on Monday, reaching $112.60. The stock had a trading volume of 346,599 shares, compared to its average volume of 1,722,665. 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 company’s fifty day simple moving average is $110.02 and its two-hundred day simple moving average is $94.98. The company has a market cap of $24.97 billion, a price-to-earnings ratio of 23.11 and a beta of 2.19. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $117.87.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. Equities research analysts expect that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced 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. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.66%. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is 61.73%.

Insider Activity

In related news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now owns 156,098 shares in the company, valued at $15,141,506. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. Insiders own 1.44% 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.