Zions Bancorporation N.A. Acquires 2,021 Shares of Targa Resources Corp. (NYSE:TRGP)

Zions Bancorporation N.A. increased its holdings in Targa Resources Corp. (NYSE:TRGP) by 44.1% in the third quarter, HoldingsChannel reports. The firm owned 6,600 shares of the pipeline company’s stock after purchasing an additional 2,021 shares during the period. Zions Bancorporation N.A.’s holdings in Targa Resources were worth $977,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Caxton Associates LP acquired a new stake in Targa Resources in the 2nd quarter worth approximately $2,323,000. Cetera Investment Advisers boosted its position in Targa Resources by 215.2% during 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 period. California State Teachers Retirement System grew its holdings in Targa Resources by 6.5% during the first quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock valued at $49,783,000 after purchasing an additional 27,164 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Targa Resources in the first quarter worth $1,151,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on TRGP. Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday. Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Truist Financial upped their target price on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $159.14.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on 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 in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last three months. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 0.8 %

Shares of NYSE:TRGP opened at $191.55 on Friday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $197.14. The company has a market capitalization of $41.77 billion, a P/E ratio of 34.64, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24. The company has a 50-day simple moving average of $161.69 and a 200 day simple moving average of $139.86. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its quarterly 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. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the business earned $0.97 earnings per share. Sell-side analysts forecast that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is presently 54.25%.

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.