M&T Bank Corp Sells 1,003 Shares of Targa Resources Corp. (NYSE:TRGP)

M&T Bank Corp lowered its position in Targa Resources Corp. (NYSE:TRGP) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,893 shares of the pipeline company’s stock after selling 1,003 shares during the quarter. M&T Bank Corp’s holdings in Targa Resources were worth $2,771,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Addison Advisors LLC purchased a new position in Targa Resources during the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC lifted its stake in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the last quarter. Rational Advisors LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth $43,000. Huntington National Bank grew its stake in Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 296 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd raised its holdings in Targa Resources by 36.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 150 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TRGP shares. Citigroup raised their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. UBS Group cut their price target on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Stifel Nicolaus raised their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Scotiabank upped their target price on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. Finally, Mizuho increased their price target on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

Insider Activity

In other news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders sold a total of 81,966 shares of company stock valued at $7,987,215 in the last three months. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Trading Down 0.3 %

NYSE TRGP opened at $112.45 on Thursday. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company has a market capitalization of $24.93 billion, a PE ratio of 23.14 and a beta of 2.19. The company has a fifty day moving average of $110.94 and a 200 day moving average of $95.46.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Research analysts forecast that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

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.