Swiss National Bank Trims Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Swiss National Bank decreased its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 6.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 587,900 shares of the pipeline company's stock after selling 37,800 shares during the period. Swiss National Bank owned about 0.27% of Targa Resources worth $104,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. MML Investors Services LLC grew its position in shares of Targa Resources by 65.1% in the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after purchasing an additional 10,100 shares during the last quarter. Nordea Investment Management AB lifted its stake in Targa Resources by 85.7% in the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock valued at $5,070,000 after buying an additional 13,167 shares in the last quarter. Cerity Partners LLC grew its holdings in Targa Resources by 47.5% during the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company's stock valued at $4,277,000 after buying an additional 9,307 shares during the last quarter. Capital Investment Advisors LLC increased its position in Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock worth $1,476,000 after buying an additional 5,431 shares in the last quarter. Finally, Atomi Financial Group Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth $271,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company's stock, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company's stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Trading Up 2.4 %

TRGP stock traded up $4.63 during trading on Wednesday, reaching $198.90. 1,026,053 shares of the stock traded hands, compared to its average volume of 1,577,813. The business's 50 day moving average price is $199.40 and its 200-day moving average price is $182.29. The firm has a market capitalization of $43.38 billion, a PE ratio of 34.65, a P/E/G ratio of 0.61 and a beta of 2.32. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 52-week low of $107.31 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts forecast that Targa Resources Corp. 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 Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio is presently 52.26%.

Analyst Ratings Changes

A number of analysts recently commented on TRGP shares. US Capital Advisors cut Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. Truist Financial raised their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Mizuho boosted their price target on Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a report on Thursday, February 20th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and a consensus target price of $210.50.

About Targa Resources

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.