Toronto Dominion Bank Increases Position in Targa Resources Corp. (NYSE:TRGP)

Toronto Dominion Bank raised its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 383.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 376,353 shares of the pipeline company's stock after acquiring an additional 298,429 shares during the quarter. Toronto Dominion Bank owned about 0.17% of Targa Resources worth $67,179,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Snowden Capital Advisors LLC grew its position in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after purchasing an additional 53 shares during the last quarter. Fisher Asset Management LLC raised its position in Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after purchasing an additional 67 shares during the last quarter. Mather Group LLC. raised its position in Targa Resources by 2.3% during the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after purchasing an additional 68 shares during the last quarter. Keybank National Association OH lifted its stake in shares of Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock valued at $3,470,000 after purchasing an additional 70 shares during the period. Finally, Baker Avenue Asset Management LP lifted its stake in shares of Targa Resources by 0.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after purchasing an additional 74 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

NYSE TRGP traded down $2.81 on Tuesday, hitting $161.82. 2,133,545 shares of the stock traded hands, compared to its average volume of 1,792,129. The firm has a market capitalization of $35.10 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 0.61 and a beta of 1.22. The business's fifty day moving average is $176.42 and its two-hundred day moving average is $188.14. Targa Resources Corp. has a 12 month low of $113.65 and a 12 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.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data 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 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. As a group, equities 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 given a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is currently 73.66%.

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction 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 transaction, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This trade represents a 11.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company's stock, valued at $141,555,510.24. The trade was a 6.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.34% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on TRGP shares. Barclays decreased their price objective on Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a report on Tuesday. Scotiabank decreased their price objective on Targa Resources from $199.00 to $193.00 and set a "sector outperform" rating for the company in a report on Tuesday. Mizuho decreased their price objective on Targa Resources from $218.00 to $212.00 and set an "outperform" rating for the company in a report on Tuesday. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Finally, Wells Fargo & Company upped their target price on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Targa Resources currently has an average rating of "Buy" and an average price target of $198.79.

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.