National Bank of Canada FI Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

National Bank of Canada FI lowered its position in Targa Resources Corp. (NYSE:TRGP) by 16.4% in the first quarter, Holdings Channel.com reports. The firm owned 335,248 shares of the pipeline company’s stock after selling 65,798 shares during the quarter. National Bank of Canada FI’s holdings in Targa Resources were worth $37,950,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Blackstone Inc. grew its position in Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the period. Norges Bank purchased a new position in Targa Resources in the fourth quarter valued at about $187,123,000. Massachusetts Financial Services Co. MA lifted its position in shares of Targa Resources by 5.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,139,543 shares of the pipeline company’s stock valued at $185,862,000 after acquiring an additional 115,288 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Targa Resources by 14.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,858,920 shares of the pipeline company’s stock worth $161,479,000 after acquiring an additional 234,749 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of several research analyst reports. Truist Financial raised their price objective on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. The Goldman Sachs Group lifted their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. UBS Group lifted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, Scotiabank upped their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus target price of $132.15.

Targa Resources Stock Down 3.2 %

TRGP stock traded down $4.33 during trading on Wednesday, reaching $131.60. The stock had a trading volume of 1,557,421 shares, compared to its average volume of 1,595,294. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The firm has a fifty day moving average price of $125.07 and a 200 day moving average price of $109.96. The company has a market capitalization of $29.18 billion, a P/E ratio of 27.08, a PEG ratio of 0.79 and a beta of 2.27. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $138.28.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $4.28 billion. On average, equities analysts anticipate that Targa Resources Corp. will post 5.38 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Wednesday, July 31st. Targa Resources’s payout ratio is currently 61.73%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the transaction, the insider now directly owns 196,951 shares in the company, valued at approximately $23,649,876.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the sale, the insider now owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 52,691 shares of company stock valued at $6,197,632. 1.39% of the stock is currently owned by corporate insiders.

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.