Targa Resources Corp. (NYSE:TRGP) Shares Sold by Swiss National Bank

Swiss National Bank lessened its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 625,700 shares of the pipeline company’s stock after selling 300 shares during the period. Swiss National Bank’s holdings in Targa Resources were worth $92,610,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of TRGP. Zurich Insurance Group Ltd FI acquired a new position in shares of Targa Resources in the 2nd quarter valued at $72,345,000. American Century Companies Inc. lifted its stake in Targa Resources by 239.1% during the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after acquiring an additional 557,832 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after acquiring an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares in the last quarter. Finally, Blackstone Inc. lifted its stake in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 1.5 %

Shares of Targa Resources stock opened at $199.00 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market cap of $43.39 billion, a P/E ratio of 35.99, a P/E/G ratio of 0.78 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $199.76. The business has a 50-day moving average price of $163.51 and a 200 day moving average price of $141.15.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the company earned $0.97 earnings per share. On average, sell-side analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Truist Financial increased their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday. Wells Fargo & Company increased their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Royal Bank of Canada increased their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $169.79.

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.