M&T Bank Corp Increases Position in Targa Resources, Inc. $TRGP

M&T Bank Corp increased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 539.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 130,605 shares of the pipeline company’s stock after purchasing an additional 110,184 shares during the quarter. M&T Bank Corp owned 0.06% of Targa Resources worth $24,097,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Cowen increased their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a report on Monday, February 23rd. Wells Fargo & Company upped their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Royal Bank Of Canada lifted their price objective on Targa Resources from $260.00 to $270.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Finally, Mizuho raised their target price on Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, March 19th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $259.93.

Targa Resources Stock Up 1.4%

Shares of NYSE TRGP opened at $240.12 on Friday. The stock has a market cap of $51.58 billion, a PE ratio of 27.95, a P/E/G ratio of 1.53 and a beta of 0.81. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $253.87. The company has a 50-day moving average of $238.41 and a 200 day moving average of $198.34.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 10.31 EPS 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. Shareholders of record on Thursday, April 30th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources’s dividend payout ratio is presently 46.57%.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the completion of the sale, the director owned 77,094 shares of the company’s stock, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 104,929 shares of company stock worth $24,692,134 over the last quarter. Corporate insiders own 1.37% of the company’s stock.

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.