BROOKFIELD Corp ON Purchases 94,622 Shares of Targa Resources Corp. (NYSE:TRGP)

BROOKFIELD Corp ON lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 8.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,231,988 shares of the pipeline company’s stock after acquiring an additional 94,622 shares during the quarter. Targa Resources comprises approximately 1.3% of BROOKFIELD Corp ON’s holdings, making the stock its 12th biggest position. BROOKFIELD Corp ON’s holdings in Targa Resources were worth $219,910,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Targa Resources in the fourth quarter worth about $505,132,000. GQG Partners LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $393,335,000. Canada Pension Plan Investment Board raised its holdings in shares of Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after purchasing an additional 1,038,350 shares during the period. Raymond James Financial Inc. purchased a new position in Targa Resources in the fourth quarter valued at approximately $150,372,000. Finally, TD Asset Management Inc. grew its holdings in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after purchasing an additional 825,267 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Down 2.3 %

Shares of TRGP stock opened at $158.21 on Tuesday. The company has a market capitalization of $34.42 billion, a PE ratio of 27.56, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 52-week low of $112.05 and a 52-week high of $218.51. The business’s fifty day moving average is $181.65 and its 200 day moving average is $188.45. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be given a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio (DPR) is presently 73.66%.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last 90 days. 1.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TRGP shares. Barclays dropped their price target on Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. The Goldman Sachs Group cut their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research report on Monday. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, Citigroup lifted their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $207.21.

About Targa Resources

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.