National Bank of Canada FI Has $45.20 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

National Bank of Canada FI raised its position in shares of Targa Resources Corp. (NYSE:TRGP) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,336 shares of the pipeline company’s stock after purchasing an additional 9,088 shares during the period. National Bank of Canada FI owned approximately 0.16% of Targa Resources worth $45,201,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. UMB Bank n.a. increased its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the period. Spire Wealth Management raised its stake in shares of Targa Resources by 2,400.0% during the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares during the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $44,000. Register Financial Advisors LLC bought a new position in Targa Resources during the 1st quarter worth approximately $45,000. Finally, Rogco LP acquired a new position in shares of Targa Resources in the 1st quarter worth approximately $56,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TRGP shares. JPMorgan Chase & Co. lifted their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Wells Fargo & Company upped their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Scotiabank boosted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Barclays raised their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $140.54.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the sale, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The disclosure for this sale can be found here. In the last three months, insiders sold 45,534 shares of company stock worth $5,989,390. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

TRGP stock opened at $149.75 on Friday. The firm has a 50 day moving average of $137.46 and a 200-day moving average of $121.41. The firm has a market capitalization of $32.81 billion, a P/E ratio of 30.81, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $152.42.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the previous year, the firm earned $1.44 earnings per share. As a group, sell-side analysts predict that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s payout ratio is currently 61.73%.

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.