Swiss National Bank Has $114.65 Million Position in Targa Resources, Inc. $TRGP

Swiss National Bank grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 12.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 658,600 shares of the pipeline company’s stock after buying an additional 74,300 shares during the quarter. Swiss National Bank’s holdings in Targa Resources were worth $114,649,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in Targa Resources by 260.2% in the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after acquiring an additional 93,119 shares in the last quarter. Aberdeen Group plc grew its stake in shares of Targa Resources by 17.6% during the second quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock valued at $30,563,000 after purchasing an additional 26,318 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Targa Resources by 34.2% in the second quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock valued at $221,104,000 after purchasing an additional 323,398 shares in the last quarter. OFI Invest Asset Management increased its holdings in shares of Targa Resources by 6.5% in the second quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock valued at $42,411,000 after purchasing an additional 14,883 shares in the last quarter. Finally, Freemont Management S.A. raised its position in Targa Resources by 30.7% in the 2nd quarter. Freemont Management S.A. now owns 26,400 shares of the pipeline company’s stock worth $4,596,000 after purchasing an additional 6,200 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $170.36 on Friday. The stock has a market cap of $36.57 billion, a PE ratio of 24.10, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The stock has a 50-day moving average of $162.40 and a 200-day moving average of $164.78. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. As a group, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s payout ratio is presently 53.19%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRGP. Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Stifel Nicolaus set a $213.00 price target on Targa Resources in a research note on Thursday, November 6th. Cfra Research upgraded Targa Resources to a “hold” rating in a research report on Friday, August 8th. Royal Bank Of Canada boosted their price objective on Targa Resources from $208.00 to $213.00 and gave the stock an “outperform” rating in a report on Tuesday, November 18th. Finally, JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.21.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the transaction, the insider owned 22,139 shares in the company, valued at $3,812,557.19. The trade was a 47.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.34% of the stock is currently owned by corporate 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.