Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 26.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,852 shares of the pipeline company's stock after buying an additional 8,848 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Targa Resources were worth $6,195,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Caxton Associates LP bought a new position in Targa Resources in the 2nd quarter valued at $2,323,000. Cetera Investment Advisers grew its holdings in shares of Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company's stock worth $3,478,000 after purchasing an additional 21,200 shares during the last quarter. Braun Stacey Associates Inc. purchased a new position in Targa Resources in the 3rd quarter worth about $11,042,000. Metis Global Partners LLC lifted its holdings in Targa Resources by 12.7% during the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company's stock valued at $3,784,000 after buying an additional 2,890 shares in the last quarter. Finally, Prospera Financial Services Inc boosted its position in Targa Resources by 73.3% in the 3rd quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company's stock valued at $1,774,000 after buying an additional 5,067 shares during the period. Institutional investors own 92.13% of the company's stock.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company's stock, valued at $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock valued at $30,026,712 over the last ninety days. 1.39% of the stock is currently owned by insiders.

Targa Resources Stock Down 4.7 %

Shares of Targa Resources stock traded down $9.68 during trading on Monday, reaching $194.62. The company's stock had a trading volume of 2,137,545 shares, compared to its average volume of 1,655,737. The company has a 50-day simple moving average of $175.18 and a two-hundred day simple moving average of $148.04. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The company has a market cap of $42.44 billion, a price-to-earnings ratio of 35.19, a P/E/G ratio of 0.80 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, equities analysts forecast that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. Targa Resources's payout ratio is currently 54.25%.

Analyst Ratings Changes

A number of analysts recently issued reports on TRGP shares. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target for the company. Truist Financial raised their price target on Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Finally, Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of "Buy" and an average target price of $176.50.

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.