Investment Management Corp of Ontario Increases Holdings in Targa Resources Corp. (NYSE:TRGP)

Investment Management Corp of Ontario grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 132.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,139 shares of the pipeline company's stock after acquiring an additional 9,192 shares during the quarter. Investment Management Corp of Ontario's holdings in Targa Resources were worth $2,881,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of TRGP. Norges Bank acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $505,132,000. GQG Partners LLC acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $393,335,000. Canada Pension Plan Investment Board increased its stake in shares of Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $150,372,000. Finally, TD Asset Management Inc. increased its stake in shares of Targa Resources by 568.7% in the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company's stock valued at $173,212,000 after buying an additional 825,267 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Buying and Selling

In other news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last ninety days. Corporate insiders own 1.34% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TRGP. Barclays lowered their price objective on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Citigroup decreased their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group decreased their target price on shares of 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, Truist Financial increased their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $201.64.

Targa Resources Stock Down 1.2%

Shares of TRGP traded down $1.96 during trading hours on Thursday, reaching $166.62. The stock had a trading volume of 1,905,120 shares, compared to its average volume of 1,782,365. Targa Resources Corp. has a 12 month low of $113.65 and a 12 month high of $218.51. The firm has a 50-day simple moving average of $177.82 and a 200 day simple moving average of $188.01. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $36.15 billion, a price-to-earnings ratio of 29.03, a P/E/G 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 during the quarter, compared to the consensus estimate of $5.01 billion. Equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

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.