Zurich Insurance Group Ltd FI Has $24.84 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Zurich Insurance Group Ltd FI cut its stake in Targa Resources Corp. (NYSE:TRGP) by 48.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 139,163 shares of the pipeline company’s stock after selling 129,134 shares during the period. Zurich Insurance Group Ltd FI owned approximately 0.06% of Targa Resources worth $24,841,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Targa Resources during the 4th quarter worth about $505,132,000. GQG Partners LLC acquired a new position in shares of Targa Resources during the 4th quarter worth about $393,335,000. Canada Pension Plan Investment Board boosted its stake in shares of Targa Resources by 981.8% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after buying an additional 1,038,350 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth about $150,372,000. Finally, TD Asset Management Inc. boosted its stake in shares of Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after buying an additional 825,267 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TRGP. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Scotiabank dropped their target price on shares of Targa Resources from $199.00 to $193.00 and set a “sector outperform” rating on the stock in a report on Tuesday. Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. The Goldman Sachs Group dropped their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Finally, Barclays dropped their target price on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $198.79.

Targa Resources Stock Down 1.7%

Shares of TRGP opened at $161.82 on Wednesday. Targa Resources Corp. has a 12 month low of $113.65 and a 12 month high of $218.51. The firm’s 50 day moving average is $176.42 and its 200-day moving average is $188.14. The stock has a market capitalization of $35.10 billion, a PE ratio of 28.19, a P/E/G ratio of 0.61 and a beta of 1.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last three months. 1.34% of the stock is owned by insiders.

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.