Canada Pension Plan Investment Board Buys 1,038,350 Shares of Targa Resources Corp. (NYSE:TRGP)

Canada Pension Plan Investment Board boosted its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 981.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,144,109 shares of the pipeline company's stock after purchasing an additional 1,038,350 shares during the quarter. Canada Pension Plan Investment Board owned about 0.52% of Targa Resources worth $204,223,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its stake in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock worth $5,070,000 after purchasing an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC lifted its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock worth $1,476,000 after buying an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. acquired a new stake in Targa Resources in the fourth quarter valued at about $271,000. Segment Wealth Management LLC grew its position in Targa Resources by 2,753.4% in the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock valued at $9,876,000 after acquiring an additional 53,389 shares during the last quarter. Finally, Diversified Trust Co lifted its holdings in shares of Targa Resources by 133.4% in the fourth quarter. Diversified Trust Co now owns 11,475 shares of the pipeline company's stock worth $2,048,000 after acquiring an additional 6,558 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 4.6 %

NYSE TRGP traded up $7.49 during mid-day trading on Tuesday, hitting $172.03. The company's stock had a trading volume of 437,656 shares, compared to its average volume of 1,919,567. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company's 50 day simple moving average is $188.12 and its 200 day simple moving average is $187.86. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The firm has a market capitalization of $37.43 billion, a price-to-earnings ratio of 29.97, a PEG 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 the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Stockholders of record on Monday, April 28th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.28%. Targa Resources's dividend payout ratio is presently 69.69%.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research analyst reports. 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. Citigroup lifted their price target on Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Truist Financial raised their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Mizuho raised their price target 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. Finally, Barclays cut their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $210.64.

Insider Activity at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is owned by 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.