Bank of Montreal Can reduced its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 23.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 300,960 shares of the pipeline company's stock after selling 94,396 shares during the quarter. Bank of Montreal Can owned 0.14% of Targa Resources worth $53,721,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of TRGP. Janus Henderson Group PLC grew its holdings in shares of Targa Resources by 0.4% in the third quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company's stock worth $3,744,000 after purchasing an additional 108 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in Targa Resources by 3.9% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 3,283 shares of the pipeline company's stock worth $486,000 after acquiring an additional 122 shares during the last quarter. Orion Portfolio Solutions LLC increased its position in shares of Targa Resources by 20.4% in the third quarter. Orion Portfolio Solutions LLC now owns 9,282 shares of the pipeline company's stock valued at $1,374,000 after acquiring an additional 1,570 shares during the period. MML Investors Services LLC raised its stake in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after acquiring an additional 10,100 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in shares of Targa Resources by 25.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 94,411 shares of the pipeline company's stock worth $13,974,000 after purchasing an additional 18,921 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on TRGP shares. Mizuho lifted 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. Royal Bank of Canada lifted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an "outperform" rating in a research report on Monday, March 3rd. Scotiabank reduced their target price on shares of Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating on the stock in a research report on Thursday, March 6th. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $210.64.
View Our Latest Stock Report on TRGP
Targa Resources Stock Performance
Shares of Targa Resources stock traded up $4.98 during trading on Tuesday, hitting $169.71. 398,231 shares of the company's stock traded hands, compared to its average volume of 1,913,396. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The business has a 50-day simple moving average of $191.23 and a 200-day simple moving average of $187.23. 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 stock has a market capitalization of $36.93 billion, a P/E ratio of 29.57, 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 analysts' consensus estimates 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. As a group, analysts forecast 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. Investors 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 payout ratio is currently 52.26%.
Insider Buying and Selling at Targa Resources
In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 of the company's stock, valued at $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 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by company insiders.
Targa Resources Company Profile
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Free Report)
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.
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