Healthcare of Ontario Pension Plan Trust Fund Purchases Shares of 9,512 Targa Resources Corp. (NYSE:TRGP)

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the third quarter, Holdings Channel reports. The institutional investor acquired 9,512 shares of the pipeline company’s stock, valued at approximately $1,408,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Cynosure Group LLC acquired a new position in shares of Targa Resources in the 3rd quarter worth approximately $694,000. Townsquare Capital LLC purchased a new position in shares of Targa Resources during the third quarter valued at approximately $329,000. Quantbot Technologies LP boosted its holdings in Targa Resources by 680.8% during the 3rd quarter. Quantbot Technologies LP now owns 27,969 shares of the pipeline company’s stock worth $4,140,000 after acquiring an additional 24,387 shares during the last quarter. D.A. Davidson & CO. lifted its position in shares of Targa Resources by 8.8% during the third quarter. D.A. Davidson & CO. now owns 4,952 shares of the pipeline company’s stock valued at $733,000 after purchasing an additional 402 shares in the last quarter. Finally, Bank of Montreal Can boosted its holdings in Targa Resources by 15.4% during the third quarter. Bank of Montreal Can now owns 395,356 shares of the pipeline company’s stock worth $58,038,000 after purchasing an additional 52,639 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on TRGP shares. Wells Fargo & Company lifted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Truist Financial raised their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. UBS Group boosted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $176.50.

Targa Resources Price Performance

NYSE:TRGP opened at $204.30 on Monday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The stock has a fifty day moving average of $174.40 and a 200 day moving average of $147.48. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a market capitalization of $44.55 billion, a price-to-earnings ratio of 36.94, a P/E/G ratio of 0.80 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the company posted $0.97 EPS. On average, research analysts expect that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. Insiders own 1.39% of the company’s stock.

Targa Resources 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.