Toronto Dominion Bank Sells 40,748 Shares of Targa Resources Corp. (NYSE:TRGP)

Toronto Dominion Bank trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 34.3% during the third quarter, HoldingsChannel.com reports. The fund owned 77,924 shares of the pipeline company’s stock after selling 40,748 shares during the period. Toronto Dominion Bank’s holdings in Targa Resources were worth $11,534,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Caxton Associates LP acquired a new position in Targa Resources in the second quarter valued at about $2,323,000. MML Investors Services LLC lifted its holdings in shares of Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after purchasing an additional 10,100 shares in the last quarter. Braun Stacey Associates Inc. acquired a new position in shares of Targa Resources in the 3rd quarter valued at approximately $11,042,000. Metis Global Partners LLC grew its position in shares of Targa Resources by 12.7% in the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after purchasing an additional 2,890 shares during the period. Finally, Prospera Financial Services Inc increased its stake in Targa Resources by 73.3% during the 3rd quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after purchasing an additional 5,067 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial cut their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday. Bank of America started coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Stifel Nicolaus lifted their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. One investment 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. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $176.14.

Targa Resources Stock Down 0.5 %

NYSE:TRGP opened at $184.60 on Friday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The firm has a market capitalization of $40.25 billion, a price-to-earnings ratio of 33.38, a price-to-earnings-growth 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. The stock’s 50 day moving average price is $181.52 and its two-hundred day moving average price is $151.76.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the company earned $0.97 earnings per share. Equities research analysts expect 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 issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.63%. Targa Resources’s payout ratio is 54.25%.

Insider Activity at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction 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 owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 183,260 shares of company stock worth $29,661,212. Insiders own 1.39% of the company’s stock.

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.