Mizuho Bank Ltd. Takes Position in Targa Resources Corp. (NYSE:TRGP)

Mizuho Bank Ltd. bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 200 shares of the pipeline company’s stock, valued at approximately $36,000.

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Resona Asset Management Co. Ltd. purchased a new stake in shares of Targa Resources in the fourth quarter worth $12,389,000. Prudential PLC raised its holdings in shares of Targa Resources by 170.0% in the 4th quarter. Prudential PLC now owns 7,106 shares of the pipeline company’s stock valued at $1,268,000 after acquiring an additional 4,474 shares in the last quarter. ExodusPoint Capital Management LP boosted its position in shares of Targa Resources by 8.3% during the 4th quarter. ExodusPoint Capital Management LP now owns 177,036 shares of the pipeline company’s stock valued at $31,601,000 after acquiring an additional 13,549 shares during the last quarter. World Investment Advisors purchased a new position in shares of Targa Resources during the fourth quarter worth about $288,000. Finally, Creekmur Asset Management LLC increased its position in shares of Targa Resources by 10.8% in the fourth quarter. Creekmur Asset Management LLC now owns 6,946 shares of the pipeline company’s stock worth $1,240,000 after purchasing an additional 677 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on TRGP shares. Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Scotiabank dropped their price objective on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Truist Financial increased their target price on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Morgan Stanley lifted their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Finally, Citigroup increased their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. One 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. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $211.00.

Targa Resources Stock Down 11.1 %

Shares of Targa Resources stock opened at $160.64 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company’s 50 day moving average price is $197.03 and its 200-day moving average price is $186.26. The stock has a market capitalization of $35.04 billion, a price-to-earnings ratio of 27.99, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.87%. Targa Resources’s dividend payout ratio is presently 52.26%.

Insider Buying and Selling

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.39% of the stock is owned by company insiders.

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.