Targa Resources, Inc. $TRGP Shares Purchased by M&T Bank Corp

M&T Bank Corp increased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 539.6% in the 4th quarter, HoldingsChannel reports. The fund owned 130,605 shares of the pipeline company’s stock after purchasing an additional 110,184 shares during the quarter. M&T Bank Corp’s holdings in Targa Resources were worth $24,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Evergreen Capital Management LLC raised its position in Targa Resources by 25.9% in the fourth quarter. Evergreen Capital Management LLC now owns 2,654 shares of the pipeline company’s stock valued at $490,000 after purchasing an additional 546 shares during the period. Legacy Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter worth $201,000. TD Waterhouse Canada Inc. grew its holdings in shares of Targa Resources by 142.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,690 shares of the pipeline company’s stock worth $312,000 after purchasing an additional 992 shares during the period. Family Capital Trust Co increased its position in shares of Targa Resources by 2,018.7% during the 4th quarter. Family Capital Trust Co now owns 22,162 shares of the pipeline company’s stock worth $4,089,000 after purchasing an additional 21,116 shares during the last quarter. Finally, Miller Howard Investments Inc. NY raised its holdings in Targa Resources by 2.7% in the 4th quarter. Miller Howard Investments Inc. NY now owns 167,940 shares of the pipeline company’s stock valued at $30,985,000 after buying an additional 4,390 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. UBS Group increased their target price on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Mizuho increased their price objective on shares of Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Morgan Stanley lifted their target price on shares of Targa Resources from $298.00 to $327.00 and gave the company an “overweight” rating in a report on Tuesday, April 7th. The Goldman Sachs Group upped their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $259.93.

Insiders Place Their Bets

In other Targa Resources news, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the sale, the insider owned 197,401 shares in the company, valued at $47,640,757.34. This represents a 11.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider owned 305,163 shares of the company’s stock, valued at $73,043,815.68. The trade was a 9.37% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is owned by company insiders.

Targa Resources Stock Up 1.4%

Shares of TRGP opened at $240.12 on Friday. The company’s 50-day simple moving average is $238.41 and its 200-day simple moving average is $198.34. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $253.87. The stock has a market capitalization of $51.58 billion, a PE ratio of 27.95, a P/E/G ratio of 1.53 and a beta of 0.81.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Analysts forecast that Targa Resources, Inc. will post 10.31 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be given a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.