Swiss National Bank Sells 19,000 Shares of Targa Resources Corp (NYSE:TRGP)

Swiss National Bank reduced its position in Targa Resources Corp (NYSE:TRGP) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 746,300 shares of the pipeline company’s stock after selling 19,000 shares during the period. Swiss National Bank’s holdings in Targa Resources were worth $29,300,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of Targa Resources by 35.6% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 13,153,678 shares of the pipeline company’s stock worth $546,535,000 after purchasing an additional 3,454,138 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in Targa Resources by 54.4% during the 1st quarter. CIBC Private Wealth Group LLC now owns 3,797,110 shares of the pipeline company’s stock valued at $157,770,000 after acquiring an additional 1,338,009 shares in the last quarter. Chickasaw Capital Management LLC lifted its stake in Targa Resources by 20.7% during the 2nd quarter. Chickasaw Capital Management LLC now owns 6,129,598 shares of the pipeline company’s stock valued at $240,648,000 after acquiring an additional 1,049,863 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in Targa Resources by 20.4% during the 1st quarter. Neuberger Berman Group LLC now owns 5,018,606 shares of the pipeline company’s stock valued at $208,523,000 after acquiring an additional 849,272 shares in the last quarter. Finally, OppenheimerFunds Inc. lifted its stake in Targa Resources by 8.0% during the 1st quarter. OppenheimerFunds Inc. now owns 7,415,134 shares of the pipeline company’s stock valued at $308,099,000 after acquiring an additional 549,984 shares in the last quarter. Institutional investors own 90.91% of the company’s stock.

TRGP has been the topic of several recent analyst reports. UBS Group set a $54.00 price objective on Targa Resources and gave the company a “buy” rating in a research note on Friday, August 16th. Royal Bank of Canada dropped their price objective on Targa Resources to $51.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. SunTrust Banks set a $45.00 price objective on Targa Resources and gave the company a “buy” rating in a research note on Friday, August 9th. Barclays restated a “buy” rating and set a $48.00 price objective on shares of Targa Resources in a research note on Thursday, July 18th. Finally, Evercore ISI restated a “hold” rating on shares of Targa Resources in a research note on Sunday, August 11th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $52.35.

Shares of Targa Resources stock opened at $35.80 on Thursday. Targa Resources Corp has a 1 year low of $32.79 and a 1 year high of $59.21. The firm has a market cap of $8.35 billion, a PE ratio of 179.00 and a beta of 1.76. The stock has a fifty day moving average price of $38.20 and a 200-day moving average price of $39.99. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.73 and a quick ratio of 0.61.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 10.17%. The ex-dividend date of this dividend was Tuesday, July 30th. Targa Resources’s dividend payout ratio is presently 1,820.00%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

Further Reading: CD Ladder

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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