Bank of Nova Scotia trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP – Get Rating) by 70.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,330 shares of the pipeline company’s stock after selling 43,377 shares during the quarter. Bank of Nova Scotia’s holdings in Targa Resources were worth $1,347,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Advisor Networks LLC acquired a new stake in shares of Targa Resources in the first quarter valued at about $250,000. PNC Financial Services Group Inc. raised its holdings in Targa Resources by 5.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock worth $1,112,000 after purchasing an additional 737 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Targa Resources by 11.6% in the 1st quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock valued at $14,072,000 after purchasing an additional 19,372 shares during the last quarter. Brighton Jones LLC acquired a new stake in shares of Targa Resources during the first quarter worth $249,000. Finally, Covestor Ltd raised its stake in Targa Resources by 91.8% during the first quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock worth $108,000 after buying an additional 684 shares during the last quarter. Institutional investors and hedge funds own 88.29% of the company’s stock.
Wall Street Analyst Weigh In
TRGP has been the subject of a number of recent analyst reports. Seaport Res Ptn reiterated a “buy” rating on shares of Targa Resources in a report on Thursday, February 16th. Royal Bank of Canada dropped their price target on Targa Resources from $110.00 to $104.00 in a research note on Monday, May 8th. Truist Financial lifted their price objective on shares of Targa Resources from $90.00 to $95.00 in a research note on Friday. Scotiabank initiated coverage on shares of Targa Resources in a research note on Thursday, March 2nd. They set an “outperform” rating and a $115.00 target price on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, March 1st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $100.27.
Targa Resources Trading Up 1.5 %
Targa Resources (NYSE:TRGP – Get Rating) last released its quarterly earnings results on Wednesday, February 22nd. The pipeline company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.09. Targa Resources had a net margin of 5.43% and a return on equity of 24.05%. The company had revenue of $4.55 billion for the quarter, compared to analyst estimates of $5.38 billion. On average, sell-side analysts anticipate that Targa Resources Corp. will post 5.73 earnings per share for the current fiscal year.
Targa Resources Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Friday, April 28th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.81%. This is an increase from Targa Resources’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Thursday, April 27th. Targa Resources’s dividend payout ratio (DPR) is presently 51.81%.
About Targa Resources
Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.
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