Toronto Dominion Bank Purchases 298,429 Shares of Targa Resources Corp. (NYSE:TRGP)

Toronto Dominion Bank boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 383.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 376,353 shares of the pipeline company’s stock after purchasing an additional 298,429 shares during the period. Toronto Dominion Bank’s holdings in Targa Resources were worth $67,179,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Targa Resources during the fourth quarter worth about $505,132,000. GQG Partners LLC acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Canada Pension Plan Investment Board grew its position in Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after acquiring an additional 1,038,350 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Targa Resources during the 4th quarter worth approximately $150,372,000. Finally, TD Asset Management Inc. increased its holdings in Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after purchasing an additional 825,267 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Down 0.6%

Shares of NYSE:TRGP opened at $165.46 on Friday. The business’s 50 day simple moving average is $177.28 and its 200 day simple moving average is $188.18. Targa Resources Corp. has a 1 year low of $113.65 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market capitalization of $35.89 billion, a P/E ratio of 28.83, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were paid a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s payout ratio is currently 73.66%.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TRGP. Morgan Stanley increased their target price on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. UBS Group dropped their target price on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research note on Thursday. Mizuho lowered their price target on shares of Targa Resources from $226.00 to $218.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Barclays lowered their target price on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Finally, Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average price target of $201.64.

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.