Toronto Dominion Bank Has $11.53 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Toronto Dominion Bank lowered its holdings in Targa Resources Corp. (NYSE:TRGP) by 34.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 77,924 shares of the pipeline company’s stock after selling 40,748 shares during the quarter. Toronto Dominion Bank’s holdings in Targa Resources were worth $11,534,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in TRGP. Wellington Management Group LLP raised its position in shares of Targa Resources by 4.4% during 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 buying an additional 633,589 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Targa Resources in the 2nd quarter valued at approximately $72,345,000. American Century Companies Inc. lifted its position in shares of Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares in the last quarter. Finally, National Bank of Canada FI increased its position in shares of Targa Resources by 75.4% during the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after purchasing an additional 259,776 shares during the period. 92.13% of the stock is owned by institutional investors.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources 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 sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock worth $29,661,212 over the last 90 days. 1.39% of the stock is owned by insiders.

Targa Resources Stock Performance

Targa Resources stock opened at $184.60 on Friday. The stock has a 50-day simple moving average of $181.52 and a 200 day simple moving average of $151.76. The stock has a market capitalization of $40.25 billion, a price-to-earnings ratio of 33.38, a P/E/G ratio of 0.74 and a beta of 2.28. The company has a quick ratio of 0.61, a current ratio of 0.77 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.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate 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 last year, the company posted $0.97 EPS. On average, research analysts anticipate that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.63%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Analyst Ratings Changes

Several brokerages recently commented on TRGP. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their target price on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial lowered their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday. One research 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $176.14.

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.