Targa Resources Corp. (NYSE:TRGP) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board reduced its position in Targa Resources Corp. (NYSE:TRGP) by 14.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,793 shares of the pipeline company’s stock after selling 1,190 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Targa Resources were worth $590,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Hanlon Investment Management Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at about $671,000. Dai ichi Life Insurance Company Ltd acquired a new position in Targa Resources during the 4th quarter worth approximately $1,271,000. Franklin Resources Inc. lifted its position in Targa Resources by 1.6% during the 4th quarter. Franklin Resources Inc. now owns 454,796 shares of the pipeline company’s stock worth $39,508,000 after acquiring an additional 6,952 shares in the last quarter. Trexquant Investment LP lifted its position in Targa Resources by 1,066.7% during the 4th quarter. Trexquant Investment LP now owns 45,606 shares of the pipeline company’s stock worth $3,962,000 after acquiring an additional 41,697 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in Targa Resources by 22.8% during the 4th quarter. Corient Private Wealth LLC now owns 32,431 shares of the pipeline company’s stock worth $2,817,000 after acquiring an additional 6,026 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the sale, the director now directly owns 95,471 shares in the company, valued at approximately $10,744,306.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the transaction, the director now owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,691 shares of company stock worth $4,663,763. 1.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TRGP shares. Barclays boosted their price target on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Royal Bank of Canada boosted their price target on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. The Goldman Sachs Group boosted their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Wells Fargo & Company boosted their price target on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Finally, Citigroup boosted their price target on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.50.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $114.28 on Friday. Targa Resources Corp. has a twelve month low of $67.36 and a twelve month high of $119.68. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The company has a market capitalization of $25.34 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 0.66 and a beta of 2.19. The business has a 50 day simple moving average of $113.74 and a 200-day simple moving average of $97.92.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.28 billion. As a group, equities research analysts expect that Targa Resources Corp. will post 5.33 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.63%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s payout ratio is 61.73%.

Targa Resources Company 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.