Royal Bank of Canada Has $79.67 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Royal Bank of Canada raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 24.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 446,309 shares of the pipeline company’s stock after purchasing an additional 87,485 shares during the quarter. Royal Bank of Canada’s holdings in Targa Resources were worth $79,665,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC lifted its holdings in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Atala Financial Inc acquired a new stake in Targa Resources during the 4th quarter valued at $31,000. Cary Street Partners Financial LLC acquired a new stake in Targa Resources during the 4th quarter valued at $31,000. Rakuten Securities Inc. lifted its holdings in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after buying an additional 146 shares in the last quarter. Finally, Mizuho Bank Ltd. acquired a new stake in shares of Targa Resources during the fourth quarter worth $36,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $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. Over the last three months, insiders have sold 115,914 shares of company stock worth $22,613,288. Insiders own 1.34% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $164.59 on Tuesday. Targa Resources Corp. has a 12-month low of $113.65 and a 12-month high of $218.51. 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 business’s 50-day moving average price is $176.83 and its two-hundred day moving average price is $188.32. The stock has a market cap of $35.70 billion, a PE ratio of 28.67, a P/E/G ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last released its 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). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. As a group, analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources’s dividend payout ratio is presently 73.66%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TRGP. UBS Group dropped their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a report on Thursday, May 15th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. The Goldman Sachs Group dropped their target price on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a report on Monday, May 5th. Scotiabank dropped their target price on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a report on Tuesday, April 29th. Finally, Wells Fargo & Company boosted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $201.64.

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.