TD Asset Management Inc Sells 176,893 Shares of Targa Resources, Inc. $TRGP

TD Asset Management Inc lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 51.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 166,071 shares of the pipeline company’s stock after selling 176,893 shares during the quarter. TD Asset Management Inc’s holdings in Targa Resources were worth $30,640,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock valued at $4,755,169,000 after acquiring an additional 422,075 shares in the last quarter. Wellington Management Group LLP boosted its position in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares in the last quarter. Geode Capital Management LLC boosted its position in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank bought a new stake in Targa Resources during the 4th quarter valued at $735,758,000. Finally, Goldman Sachs Group Inc. boosted its position in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after acquiring an additional 1,075,246 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Scotiabank increased their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Royal Bank Of Canada reiterated an “outperform” rating and set a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. Morgan Stanley increased their price objective on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. TD Cowen increased their price objective on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company increased their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $269.21.

Targa Resources Stock Performance

Shares of TRGP opened at $264.19 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The stock has a fifty day moving average price of $253.46 and a 200-day moving average price of $219.42. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a market cap of $56.71 billion, a PE ratio of 26.71, a P/E/G ratio of 1.35 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities research analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.37% of the stock is owned by company insiders.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.