Bank of Montreal Can Has $58.04 Million Position in Targa Resources Corp. (NYSE:TRGP)

Bank of Montreal Can raised its holdings in Targa Resources Corp. (NYSE:TRGP) by 15.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 395,356 shares of the pipeline company’s stock after acquiring an additional 52,639 shares during the quarter. Bank of Montreal Can’s holdings in Targa Resources were worth $58,038,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake 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 during the last quarter. Truist Financial Corp increased its stake in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Targa Resources by 2.9% during the 3rd quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock worth $120,540,000 after purchasing an additional 22,621 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares during the last quarter. Finally, Bahl & Gaynor Inc. increased its stake in shares of Targa Resources by 32.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 687,132 shares of the pipeline company’s stock worth $88,489,000 after purchasing an additional 168,267 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on TRGP. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Truist Financial boosted their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. UBS Group upped their price target 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. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $176.50.

Targa Resources Trading Down 1.0 %

TRGP opened at $201.39 on Thursday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. 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 company has a fifty day moving average of $172.39 and a 200-day moving average of $146.01. The stock has a market cap of $43.92 billion, a PE ratio of 36.42, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24.

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, topping the consensus estimate of $1.58 by $0.17. The company 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 period in the prior year, the company posted $0.97 earnings per share. On average, sell-side analysts predict that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Buying and Selling

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 over the last ninety days. 1.44% of the stock is owned by corporate insiders.

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.