Swiss National Bank Acquires 40,300 Shares of Targa Resources, Inc. $TRGP

Swiss National Bank boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 6.8% in the first quarter, HoldingsChannel.com reports. The firm owned 630,000 shares of the pipeline company’s stock after buying an additional 40,300 shares during the period. Swiss National Bank’s holdings in Targa Resources were worth $157,960,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Olistico Wealth LLC acquired a new position in Targa Resources during the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources during the fourth quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. bought a new position in shares of Targa Resources during the fourth quarter worth about $37,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on TRGP. Truist Financial lifted their price objective on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Scotiabank boosted their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Erste Group Bank started coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. Finally, Morgan Stanley lifted their target price on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $285.93.

Targa Resources Stock Performance

NYSE:TRGP opened at $283.39 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $285.56. The company has a fifty day moving average of $267.82 and a 200-day moving average of $238.96. The firm has a market capitalization of $60.83 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is owned by insiders.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.