M&T Bank Corp Has $4.67 Million Stock Position in Targa Resources, Inc. $TRGP

Key Points

• M&T Bank Corp increased its stake in Targa Resources by 23.8% in Q4, buying 4,869 shares to hold 25,290 shares worth about $4.67 million at quarter-end.
• Insiders sold heavily last quarter — 104,929 shares valued at roughly $24.7 million (notable sales: Robert Muraro 24,589 shares at $241.34 and D. Scott Pryor 17,500 shares at $228.92) — leaving insiders with 1.37% ownership.
• Dividend and analyst outlook: Targa raised its quarterly dividend to $1.25 ($5.00 annualized, 2.0% yield), while analysts maintain a consensus "Moderate Buy" with a $259.93 target after several firms raised price targets.

M&T Bank Corp increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 23.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,290 shares of the pipeline company's stock after buying an additional 4,869 shares during the quarter. M&T Bank Corp's holdings in Targa Resources were worth $4,665,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Anchyra Partners LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $254,000. D.A. Davidson & CO. raised its stake in Targa Resources by 499.6% during the 4th quarter. D.A. Davidson & CO. now owns 25,637 shares of the pipeline company's stock worth $4,730,000 after buying an additional 21,361 shares during the period. Simon Quick Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $1,827,000. Sanctuary Advisors LLC raised its stake in Targa Resources by 12.9% during the 4th quarter. Sanctuary Advisors LLC now owns 45,009 shares of the pipeline company's stock worth $8,304,000 after buying an additional 5,140 shares during the period. Finally, Advisors Capital Management LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $434,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider directly owned 197,401 shares of the company's stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares of the company's stock, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 104,929 shares of company stock valued at $24,692,134 in the last quarter. Insiders own 1.37% of the company's stock.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of research reports. Wells Fargo & Company upped their price target on Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research note on Friday, March 13th. Truist Financial boosted their price objective on Targa Resources from $279.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Scotiabank boosted their price objective on Targa Resources from $246.00 to $249.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. The Goldman Sachs Group boosted their price objective on Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Finally, Seaport Research Partners reissued a "neutral" rating on shares of Targa Resources in a report on Monday. Fourteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $259.93.

Targa Resources Stock Performance

TRGP stock opened at $249.26 on Thursday. The firm has a market cap of $53.54 billion, a PE ratio of 29.02, a P/E/G ratio of 1.68 and a beta of 0.75. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The business has a 50 day moving average of $241.66 and a 200-day moving average of $203.52. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $261.95.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.32 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.0%. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's dividend payout ratio is currently 58.21%.

About Targa Resources

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.

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