National Bank of Canada FI Sells 410,464 Shares of Targa Resources Corp. (NYSE:TRGP)

National Bank of Canada FI lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 67.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 193,648 shares of the pipeline company’s stock after selling 410,464 shares during the quarter. National Bank of Canada FI owned 0.09% of Targa Resources worth $34,585,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock worth $4,848,169,000 after buying an additional 150,038 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after acquiring an additional 633,589 shares during the period. Geode Capital Management LLC boosted its position in Targa Resources by 1.7% in the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock worth $843,680,000 after purchasing an additional 97,583 shares during the last quarter. Norges Bank bought a new stake in shares of Targa Resources during the 4th quarter valued at about $505,132,000. Finally, GQG Partners LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $393,335,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TRGP shares. Royal Bank of Canada raised their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Mizuho raised their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Scotiabank cut their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Finally, Truist Financial raised their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $211.00.

Insider Buying and Selling

In other news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 1.4 %

NYSE TRGP opened at $205.86 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $110.09 and a 12 month high of $218.51. The stock’s 50 day moving average is $198.61 and its 200 day moving average is $186.23. The stock has a market cap of $44.90 billion, a PE ratio of 35.86, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued 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). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

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.