Swiss National Bank Has $157.96 Million Position in Targa Resources, Inc. $TRGP

Swiss National Bank lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 6.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 630,000 shares of the pipeline company’s stock after acquiring an additional 40,300 shares during the period. Swiss National Bank owned approximately 0.29% of Targa Resources worth $157,960,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Olistico Wealth LLC acquired a new position in Targa Resources during the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the 4th quarter valued at $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Finally, Godfrey Financial Associates Inc. bought a new position in shares of Targa Resources in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.37% of the stock is owned by corporate insiders.

Targa Resources Trading Up 0.2%

NYSE TRGP opened at $283.39 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $285.56. The company has a market cap of $60.83 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.45 and a beta of 0.71. The business’s fifty day moving average is $267.82 and its 200 day moving average is $238.96.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s payout ratio is 50.56%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Royal Bank Of Canada restated an “outperform” rating and set a $281.00 price objective on shares of Targa Resources in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research note on Friday, May 8th. Erste Group Bank began coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Seventeen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $285.93.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.