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

Zurcher Kantonalbank Zurich Cantonalbank cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 16.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,004 shares of the pipeline company’s stock after selling 6,700 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Targa Resources were worth $4,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Spire Wealth Management grew its position in shares of Targa Resources by 2,400.0% in the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after buying an additional 264 shares during the last quarter. EdgeRock Capital LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $42,000. Delos Wealth Advisors LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $43,000. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter worth approximately $44,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Targa Resources in the 1st quarter worth approximately $45,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TRGP shares. Royal Bank of Canada lifted their price objective on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. UBS Group lifted their price objective on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Morgan Stanley lifted their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, The Goldman Sachs Group lifted their price target on Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $140.54.

Targa Resources Stock Up 0.4 %

Shares of NYSE:TRGP opened at $146.90 on Friday. The stock has a fifty day simple moving average of $135.87 and a two-hundred day simple moving average of $119.84. The stock has a market capitalization of $32.18 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 1.15 and a beta of 2.27. Targa Resources Corp. has a 12-month low of $77.97 and a 12-month high of $147.08. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the previous year, the business earned $1.44 earnings per share. On average, research analysts anticipate that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Transactions at Targa Resources

In other news, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the transaction, the director now owns 232,827 shares in the company, valued at $32,137,110.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the transaction, the director now owns 232,827 shares in the company, valued at $32,137,110.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul W. Chung sold 916 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. The disclosure for this sale can be found here. Insiders sold 43,034 shares of company stock worth $5,623,890 over the last quarter. 1.39% of the stock is currently owned by insiders.

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.