Bank of Nova Scotia Increases Holdings in Targa Resources Corp. (NYSE:TRGP)

Bank of Nova Scotia grew its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 132.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,297 shares of the pipeline company's stock after purchasing an additional 36,672 shares during the period. Bank of Nova Scotia's holdings in Targa Resources were worth $11,477,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Shelton Capital Management bought a new stake in Targa Resources in the 4th quarter worth approximately $221,000. Employees Retirement System of Texas purchased a new stake in Targa Resources during the fourth quarter valued at $20,383,000. Polymer Capital Management US LLC purchased a new stake in Targa Resources during the fourth quarter valued at $717,000. Federated Hermes Inc. lifted its position in Targa Resources by 83.8% during the fourth quarter. Federated Hermes Inc. now owns 462,659 shares of the pipeline company's stock valued at $82,584,000 after purchasing an additional 210,943 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Targa Resources in the 4th quarter worth $740,000. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Matthew J. Meloy sold 48,837 shares of the business's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were 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 of the company's stock, valued at $43,731,100.98. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last 90 days. 1.39% of the stock is owned by corporate insiders.

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Targa Resources Stock Up 2.0 %

Shares of NYSE:TRGP traded up $3.23 during trading hours on Tuesday, hitting $167.96. The company's stock had a trading volume of 915,902 shares, compared to its average volume of 1,723,148. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm's fifty day moving average price is $191.23 and its 200 day moving average price is $187.23. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The company has a market capitalization of $36.55 billion, a price-to-earnings ratio of 29.26, a P/E/G ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data 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. As a group, research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.29%. Targa Resources's payout ratio is currently 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent research reports. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Mizuho increased their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and an average price target of $210.64.

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.