M&T Bank Corp Acquires 3,094 Shares of Targa Resources Corp. (NYSE:TRGP)

M&T Bank Corp raised its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,597 shares of the pipeline company's stock after acquiring an additional 3,094 shares during the quarter. M&T Bank Corp's holdings in Targa Resources were worth $5,269,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC acquired a new stake in shares of Targa Resources during the third quarter worth approximately $29,000. UMB Bank n.a. grew its position in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Prospera Private Wealth LLC acquired a new stake in Targa Resources during the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources in the 2nd quarter valued at $44,000. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TRGP. Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. US Capital Advisors downgraded shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Truist Financial decreased their price target on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday. Finally, Argus upgraded shares of Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and an average price target of $176.14.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company's stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 183,260 shares of company stock valued at $29,661,212. Company insiders own 1.39% of the company's stock.

Targa Resources Trading Down 0.5 %

Shares of Targa Resources stock traded down $0.97 during trading on Friday, hitting $184.60. 996,888 shares of the company were exchanged, compared to its average volume of 1,649,767. 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 has a market capitalization of $40.25 billion, a P/E ratio of 33.42, a price-to-earnings-growth ratio of 0.74 and a beta of 2.28. The firm's fifty day moving average price is $181.52 and its 200 day moving average price is $151.76. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the company earned $0.97 earnings per share. As a group, sell-side analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.63%. Targa Resources's dividend payout ratio is presently 54.25%.

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.