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

Toronto Dominion Bank boosted its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 383.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 376,353 shares of the pipeline company's stock after buying an additional 298,429 shares during the quarter. Toronto Dominion Bank owned approximately 0.17% of Targa Resources worth $67,179,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Colonial Trust Co SC lifted its holdings in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares during the last quarter. Atala Financial Inc bought a new position in Targa Resources during the fourth quarter valued at approximately $31,000. Cary Street Partners Financial LLC acquired a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. lifted its stake in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock valued at $33,000 after acquiring an additional 146 shares during the last quarter. Finally, Mizuho Bank Ltd. bought a new stake in Targa Resources in the fourth quarter worth approximately $36,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. UBS Group cut their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Wells Fargo & Company raised 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. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. The Goldman Sachs Group decreased their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources has an average rating of "Buy" and a consensus price target of $198.79.

Targa Resources Stock Performance

Shares of TRGP stock traded down $1.95 during mid-day trading on Friday, reaching $156.54. The stock had a trading volume of 851,095 shares, compared to its average volume of 1,799,238. Targa Resources Corp. has a one year low of $114.51 and a one year high of $218.51. The firm has a market cap of $33.96 billion, a PE ratio of 27.22, a P/E/G ratio of 0.61 and a beta of 1.22. The firm's 50 day simple moving average is $171.18 and its 200 day simple moving average is $186.92. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

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). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

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

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.