Targa Resources Corp (TRGP) Stake Lifted by M&T Bank Corp

M&T Bank Corp increased its holdings in shares of Targa Resources Corp (NYSE:TRGP) by 1,015.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 414,058 shares of the pipeline company’s stock after buying an additional 376,937 shares during the period. M&T Bank Corp’s holdings in Targa Resources were worth $20,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in TRGP. Harvest Fund Advisors LLC lifted its position in shares of Targa Resources by 40.8% during the 3rd quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock valued at $236,060,000 after buying an additional 1,446,438 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Targa Resources by 4,386.0% in the 2nd quarter. Janus Henderson Group PLC now owns 1,090,734 shares of the pipeline company’s stock valued at $49,301,000 after purchasing an additional 1,066,420 shares in the last quarter. State Street Corp lifted its holdings in Targa Resources by 12.9% in the 2nd quarter. State Street Corp now owns 4,295,711 shares of the pipeline company’s stock valued at $194,165,000 after purchasing an additional 490,077 shares in the last quarter. Jennison Associates LLC lifted its holdings in Targa Resources by 14.8% in the 4th quarter. Jennison Associates LLC now owns 3,224,639 shares of the pipeline company’s stock valued at $156,137,000 after purchasing an additional 416,015 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in Targa Resources by 15.2% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,890,670 shares of the pipeline company’s stock valued at $136,729,000 after purchasing an additional 381,000 shares in the last quarter. Hedge funds and other institutional investors own 87.63% of the company’s stock.

Shares of Targa Resources Corp (TRGP) opened at $45.17 on Friday. Targa Resources Corp has a 52 week low of $39.59 and a 52 week high of $60.62. The stock has a market capitalization of $9,768.17, a price-to-earnings ratio of -16.98 and a beta of 2.07. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st will be paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a dividend yield of 8.06%. The ex-dividend date of this dividend is Wednesday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently -136.84%.

A number of brokerages have weighed in on TRGP. Citigroup raised their price objective on Targa Resources from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday. ValuEngine lowered Targa Resources from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Goldman Sachs Group upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Thursday, February 1st. Barclays upgraded Targa Resources from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $50.00 to $58.00 in a report on Wednesday, January 17th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $60.00 price objective on shares of Targa Resources in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $55.33.

In other Targa Resources news, VP John Richard Klein sold 2,292 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is owned by company insiders.

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About Targa Resources

Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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