Zions Bancorporation NA has $590,000 position in Targa Resources Corp. (NYSE:TRGP)

Zions Bancorporation NA reduced its position in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) by 32.2% during the second quarter, Holdings Channel reports. The fund owned 4,579 shares of the pipeline company’s stock after selling 2,177 shares during the quarter. Zions Bancorporation NA’s holdings in Targa Resources were worth $590,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TRGP. Blackstone Inc. grew its position in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares in the last quarter. Norges Bank acquired a new position in shares of Targa Resources during the fourth quarter valued at $187,123,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Targa Resources by 231.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after buying an additional 962,073 shares during the last quarter. American Century Companies Inc. grew its position in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Targa Resources by 71.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after purchasing an additional 428,276 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s shares.

Insiders place their bets

In related news, insider Robert Muraro sold 9,900 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. The sale was disclosed in a filing with the SEC, which is available via this hyperlink. Also, insider Robert Muraro sold 9,900 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The disclosure for this sale can be found here. Insiders sold 35,534 shares of company stock worth $4,788,590 over the last ninety days. Insiders own 1.39% of the company’s shares.

Targa Resources Stock Performance

Shares of TRGP stock opened at $148.19 on Friday. The company has a market cap of $32.47 billion, a PE ratio of 30.49, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65, and a quick ratio of 0.53. Targa Resources Corp. has a one year low of $77.97 and a one year high of $152.42. The company’s fifty day moving average price is $139.13 and its 200 day moving average price is $123.61.

Targa Resources (NYSE:TRGP – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the business posted EPS of $1.44. As a group, analysts expect Targa Resources Corp. to post 5.89 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a $0.75 dividend. This represents a dividend of $3.00 on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Analyst upgrades and downgrades

A number of equities analysts have recently weighed in on the company. UBS Group upped their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Goldman Sachs Group boosted their price objective on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their target price on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Truist Financial boosted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. lifted their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $140.54, according to MarketBeat.

Get the latest stock report on Targa Resources

Targa Resources Company Profile

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments, Collection and Processing and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting and selling natural gas; storage, fractionation, treatment, transportation and sale of natural gas liquids (NGL) and NGL products, including services for LNG exporters; and gathering, storing, finishing, buying and selling crude oil.

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Want to see what other hedge funds own TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Targa Resources Corp. (NYSE:TRGP – Free Report).

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