Swiss National Bank Has $57.73 Million Position in Targa Resources Corp. (NYSE:TRGP)

Swiss National Bank trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 664,600 shares of the pipeline company’s stock after selling 26,100 shares during the quarter. Swiss National Bank’s holdings in Targa Resources were worth $57,734,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Signaturefd LLC grew its stake in shares of Targa Resources by 4.7% during the 3rd quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after acquiring an additional 244 shares in the last quarter. Morgan Stanley boosted its position in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the last quarter. Quadrature Capital Ltd raised its stake in shares of Targa Resources by 364.0% during the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock worth $7,615,000 after purchasing an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY raised its position in Targa Resources by 21.6% during the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock worth $4,995,000 after acquiring an additional 10,200 shares in the last quarter. Finally, Nordea Investment Management AB boosted its holdings in shares of Targa Resources by 32.8% during the 3rd quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock worth $1,543,000 after buying an additional 4,447 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $112.31 on Monday. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The stock has a market cap of $24.90 billion, a price-to-earnings ratio of 23.11 and a beta of 2.19. The company has a 50 day simple moving average of $110.02 and a 200 day simple moving average of $94.98.

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

Targa Resources Increases Dividend

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

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on 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 transaction, 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 SEC, which can be accessed through the SEC website. In other news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the transaction, the insider now owns 219,451 shares in the company, valued at approximately $21,354,776.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were 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 in the company, 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 over the last 90 days. 1.44% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TRGP. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Stifel Nicolaus increased their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Citigroup raised their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Barclays lifted their price target on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Finally, Truist Financial boosted their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $119.92.

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.