M&T Bank Corp Grows Position in Targa Resources Corp. (NYSE:TRGP)

M&T Bank Corp lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 9.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,597 shares of the pipeline company’s stock after purchasing an additional 3,094 shares during the quarter. M&T Bank Corp’s holdings in Targa Resources were worth $5,269,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. DT Investment Partners LLC bought a new position in shares of Targa Resources in the 3rd quarter worth $29,000. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources in the second quarter worth $29,000. UMB Bank n.a. increased its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the third quarter valued at about $35,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources during the second quarter worth about $44,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 0.4 %

Shares of Targa Resources stock opened at $185.60 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The company has a market cap of $40.47 billion, a P/E ratio of 33.56, a PEG ratio of 0.74 and a beta of 2.28. The company’s fifty day simple moving average is $180.92 and its two-hundred day simple moving average is $151.53.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the company earned $0.97 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 6.26 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock worth $29,661,212 in the last quarter. 1.39% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of several recent research reports. Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Morgan Stanley increased their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Truist Financial boosted their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $176.50.

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.