Zurich Insurance Group Ltd FI Has $24.84 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Zurich Insurance Group Ltd FI lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 48.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 139,163 shares of the pipeline company’s stock after selling 129,134 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Targa Resources were worth $24,841,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Colonial Trust Co SC lifted its holdings in shares of Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 162 shares during the period. Atala Financial Inc acquired a new position in shares of Targa Resources during the fourth quarter worth $31,000. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources during the fourth quarter worth $31,000. Rakuten Securities Inc. lifted its holdings in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares during the period. Finally, Mizuho Bank Ltd. acquired a new position in shares of Targa Resources during the fourth quarter worth $36,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Down 1.7%

TRGP opened at $161.82 on Wednesday. Targa Resources Corp. has a 1-year low of $113.65 and a 1-year high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $35.10 billion, a P/E ratio of 28.19, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The company has a fifty day moving average price of $176.42 and a two-hundred day moving average price of $188.14.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Analysts predict that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is currently 73.66%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Citigroup cut their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a report on Friday, May 9th. UBS Group dropped their target price on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a report on Thursday, May 15th. Finally, Scotiabank dropped their target price on shares of Targa Resources from $199.00 to $193.00 and set a “sector outperform” rating on the stock in a report on Tuesday. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $198.79.

Insider Buying and Selling at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.34% of the company’s stock.

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.