Swiss National Bank Sells 300 Shares of Targa Resources Corp. (NYSE:TRGP)

Swiss National Bank cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 625,700 shares of the pipeline company’s stock after selling 300 shares during the quarter. Swiss National Bank owned approximately 0.29% of Targa Resources worth $92,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the 2nd quarter worth about $29,000. UMB Bank n.a. increased its stake in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new position in shares of Targa Resources during the 2nd quarter worth about $44,000. Finally, Huntington National Bank increased its stake in shares of Targa Resources by 22.9% during the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 1.5 %

NYSE:TRGP opened at $199.00 on Tuesday. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $199.76. The firm’s 50-day moving average price is $163.51 and its 200-day moving average price is $141.15. The company has a market capitalization of $43.39 billion, a PE ratio of 35.99, a P/E/G ratio of 0.78 and a beta of 2.24. 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 (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. On average, equities analysts predict that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Activity

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 1.41 % 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 the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on TRGP. Morgan Stanley boosted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Barclays upped their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company upped their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. UBS Group upped their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday. Finally, Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $169.79.

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.