TD Asset Management Inc. Acquires 825,267 Shares of Targa Resources Corp. (NYSE:TRGP)

TD Asset Management Inc. increased its stake in Targa Resources Corp. (NYSE:TRGP) by 568.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 970,373 shares of the pipeline company’s stock after acquiring an additional 825,267 shares during the period. TD Asset Management Inc. owned approximately 0.45% of Targa Resources worth $173,212,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GQG Partners LLC bought a new position in Targa Resources during the fourth quarter valued at $393,335,000. EntryPoint Capital LLC purchased a new position in shares of Targa Resources during the 4th quarter worth about $346,000. Vanguard Group Inc. grew its holdings in Targa Resources by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after purchasing an additional 150,038 shares during the last quarter. Stevens Capital Management LP purchased a new stake in Targa Resources in the 4th quarter worth about $436,000. Finally, LPL Financial LLC lifted its stake in Targa Resources by 41.6% in the fourth quarter. LPL Financial LLC now owns 156,563 shares of the pipeline company’s stock worth $27,946,000 after purchasing an additional 45,981 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of TRGP opened at $205.20 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a 50 day moving average price of $200.01 and a 200-day moving average price of $184.16. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The stock has a market capitalization of $44.76 billion, a PE ratio of 35.75, a PEG ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Equities analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 52.26%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly 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 disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last quarter. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. 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 research note on Friday, February 21st. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Mizuho lifted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $211.00.

About Targa Resources

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.