BROOKFIELD Corp ON Boosts Stock Position in Targa Resources Corp. (NYSE:TRGP)

BROOKFIELD Corp ON grew its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,231,988 shares of the pipeline company's stock after acquiring an additional 94,622 shares during the period. Targa Resources comprises 1.3% of BROOKFIELD Corp ON's portfolio, making the stock its 12th largest holding. BROOKFIELD Corp ON owned 0.56% of Targa Resources worth $219,910,000 at the end of the most recent quarter.

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

Insider Buying and Selling

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

Targa Resources Trading Down 0.3 %

Targa Resources stock traded down $0.54 during midday trading on Friday, reaching $159.51. The stock had a trading volume of 1,653,488 shares, compared to its average volume of 1,771,651. The stock's 50-day simple moving average is $179.34 and its 200 day simple moving average is $188.02. Targa Resources Corp. has a twelve month low of $112.27 and a twelve month high of $218.51. 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 stock has a market capitalization of $34.71 billion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's payout ratio is 73.66%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TRGP. Truist Financial boosted their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. The Goldman Sachs Group lowered their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday. Mizuho cut their price target on Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Finally, US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and an average target price of $202.93.

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.