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

Swiss National Bank cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 3.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 664,600 shares of the pipeline company’s stock after selling 26,100 shares during the period. Swiss National Bank owned about 0.30% of Targa Resources worth $57,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in TRGP. First Trust Direct Indexing L.P. boosted its stake in shares of Targa Resources by 29.9% in the fourth quarter. First Trust Direct Indexing L.P. now owns 7,660 shares of the pipeline company’s stock worth $665,000 after buying an additional 1,765 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Targa Resources by 1.2% in the fourth quarter. Victory Capital Management Inc. now owns 139,436 shares of the pipeline company’s stock valued at $12,113,000 after buying an additional 1,613 shares in the last quarter. Skylands Capital LLC boosted its stake in shares of Targa Resources by 10.0% during the 4th quarter. Skylands Capital LLC now owns 24,200 shares of the pipeline company’s stock worth $2,102,000 after acquiring an additional 2,200 shares in the last quarter. Eagle Wealth Strategies LLC acquired a new stake in shares of Targa Resources during the 4th quarter valued at about $418,000. Finally, Retirement Systems of Alabama increased its stake in shares of Targa Resources by 527.9% in the 4th quarter. Retirement Systems of Alabama now owns 317,641 shares of the pipeline company’s stock valued at $27,593,000 after purchasing an additional 267,057 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the transaction, the director now owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock valued at $7,987,215 in the last quarter. Insiders own 1.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. UBS Group lowered their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. Barclays increased their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Scotiabank boosted their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. Finally, Citigroup raised their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources Trading Down 0.6 %

Shares of TRGP opened at $112.31 on Monday. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $117.87. The firm has a market capitalization of $24.90 billion, a P/E ratio of 23.11 and a beta of 2.19. The firm has a 50-day moving average price of $110.02 and a 200 day moving average price of $94.98. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Sell-side analysts forecast that Targa Resources Corp. will post 5.72 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is currently 61.73%.

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.