Toronto Dominion Bank Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Toronto Dominion Bank lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 118,672 shares of the pipeline company's stock after selling 12,046 shares during the period. Toronto Dominion Bank owned about 0.05% of Targa Resources worth $15,283,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its stake 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 valued at $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. bought a new stake in Targa Resources in the second quarter worth about $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources in the first quarter valued at about $45,000. Quarry LP bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $50,000. Finally, Rogco LP purchased a new stake in shares of Targa Resources during the 1st quarter worth approximately $56,000. 92.13% of the stock is currently owned by institutional investors.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the transaction, the chief accounting officer now owns 38,403 shares of the company's stock, valued at approximately $5,165,203.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by company insiders.

Targa Resources Price Performance

TRGP opened at $146.32 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock has a market capitalization of $32.06 billion, a P/E ratio of 30.11, a PEG ratio of 1.24 and a beta of 2.26. The stock has a 50-day moving average price of $142.28 and a 200-day moving average price of $126.52. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $157.68.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period last year, the firm posted $1.44 earnings per share. Equities analysts predict that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.05%. Targa Resources's dividend payout ratio (DPR) is currently 61.73%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TRGP shares. Royal Bank of Canada increased their price target on Targa Resources from $147.00 to $153.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 13th. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Truist Financial boosted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the stock an "overweight" rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $141.77.

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.