TD Asset Management Inc. Acquires 825,267 Shares of Targa Resources Corp. (NYSE:TRGP)

TD Asset Management Inc. increased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 568.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 970,373 shares of the pipeline company's stock after purchasing an additional 825,267 shares during the period. TD Asset Management Inc. owned approximately 0.45% of Targa Resources worth $173,212,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of TRGP. GQG Partners LLC acquired a new stake in Targa Resources in the fourth quarter valued at $393,335,000. Raymond James Financial Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth approximately $150,372,000. Wellington Management Group LLP boosted its holdings in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock valued at $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. Amundi increased its position in Targa Resources by 20.9% during the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company's stock valued at $353,469,000 after purchasing an additional 318,261 shares during the period. Finally, National Bank of Canada FI raised its holdings in Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company's stock worth $89,413,000 after purchasing an additional 259,776 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Activity at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now owns 2,899 shares of the company's stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The stock was 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 approximately $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 over the last quarter. 1.39% of the stock is owned by corporate insiders.

Targa Resources Price Performance

NYSE TRGP traded down $1.32 during trading hours on Friday, reaching $197.69. 1,306,936 shares of the stock traded hands, compared to its average volume of 1,647,068. 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 50 day simple moving average of $199.31 and a two-hundred day simple moving average of $185.04. The company has a market cap of $43.12 billion, a price-to-earnings ratio of 34.44, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS 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 firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.52%. Targa Resources's dividend payout ratio (DPR) is presently 52.26%.

Wall Street Analysts Forecast Growth

A number of equities analysts 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 stock an "outperform" rating in a research note on Thursday, February 20th. Barclays increased their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Finally, Morgan Stanley raised their target price on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research report on Monday, March 17th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has an average rating of "Buy" and a consensus price target of $211.00.

Targa Resources 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.