Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 4.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,745 shares of the pipeline company’s stock after buying an additional 1,893 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Targa Resources were worth $7,808,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Crossmark Global Holdings Inc. lifted its holdings in Targa Resources by 3.3% during the third quarter. Crossmark Global Holdings Inc. now owns 10,920 shares of the pipeline company’s stock valued at $1,616,000 after purchasing an additional 344 shares in the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Targa Resources by 36.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock valued at $79,000 after buying an additional 141 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Targa Resources by 9.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,163 shares of the pipeline company’s stock valued at $76,693,000 after buying an additional 45,590 shares in the last quarter. Prime Capital Investment Advisors LLC increased its stake in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after buying an additional 84 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in Targa Resources in the 3rd quarter worth $528,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 2.5 %

NYSE:TRGP opened at $182.36 on Friday. The stock has a market capitalization of $39.77 billion, a P/E ratio of 31.77, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a fifty-two week low of $104.89 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company’s 50-day simple moving average is $198.98 and its 200-day simple moving average is $180.78.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.65%. The ex-dividend date was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The stock was 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 approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % 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 in the last ninety days. Insiders own 1.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TRGP shares. Stifel Nicolaus raised their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Truist Financial cut their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Barclays boosted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Scotiabank cut their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Finally, US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $206.43.

Targa Resources 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.