M&T Bank Corp Has $6.27 Million Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

M&T Bank Corp reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,264 shares of the pipeline company's stock after selling 2,215 shares during the period. M&T Bank Corp's holdings in Targa Resources were worth $6,267,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TRGP. Ameriflex Group Inc. acquired a new position in Targa Resources in the 4th quarter valued at about $31,000. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after acquiring an additional 162 shares in the last quarter. Atala Financial Inc acquired a new position in Targa Resources in the 4th quarter valued at about $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources in the 4th quarter valued at about $32,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.7%

TRGP stock traded up $1.15 during midday trading on Friday, hitting $171.89. 801,427 shares of the company's stock were exchanged, compared to its average volume of 1,842,486. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51. The firm has a 50 day moving average price of $166.34 and a 200-day moving average price of $182.08. The stock has a market capitalization of $37.29 billion, a price-to-earnings ratio of 31.66, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. On average, analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.33%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is presently 73.66%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several research reports. Citigroup dropped their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. UBS Group reduced their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Mizuho set a $212.00 price objective on Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $209.57.

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.