M&T Bank Corp Purchases 4,869 Shares of Targa Resources, Inc. $TRGP

M&T Bank Corp raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 25,290 shares of the pipeline company’s stock after acquiring an additional 4,869 shares during the quarter. M&T Bank Corp’s holdings in Targa Resources were worth $4,665,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Olistico Wealth LLC bought a new position in Targa Resources during the fourth quarter valued at $27,000. Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources during the third quarter worth $34,000. Root Financial Partners LLC purchased a new stake in shares of Targa Resources during the third quarter worth $39,000. Eagle Bay Advisors LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth $42,000. Finally, Avion Wealth lifted its position in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 228 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Down 4.0%

Shares of TRGP stock opened at $249.26 on Thursday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $261.95. The company has a market capitalization of $53.54 billion, a PE ratio of 29.02, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The business’s fifty day moving average is $241.66 and its 200 day moving average is $203.52.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. On average, equities research analysts anticipate that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 58.21%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This trade represents a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 104,929 shares of company stock valued at $24,692,134 in the last ninety days. 1.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TRGP shares. BMO Capital Markets restated an “outperform” rating and set a $241.00 target price on shares of Targa Resources in a research report on Friday, February 20th. TD Cowen increased their target price on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Citigroup increased their target price on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Mizuho increased their target price on Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Finally, The Goldman Sachs Group increased their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $259.93.

About Targa Resources

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.