Zurich Insurance Group Ltd FI Has $12.83 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Zurich Insurance Group Ltd FI reduced its stake in Targa Resources by 54.0%, selling 75,154 shares and holding 64,009 shares valued at approximately $12.83 million.
• Analysts are optimistic, with Targa Resources receiving ratings ranging from "Strong Buy" to "Hold" and an average price target of $208.86.
• Targa Resources recently boosted its quarterly dividend to $1.00, representing a 2.5% yield, up from a previous dividend of $0.12.

Zurich Insurance Group Ltd FI cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 54.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 64,009 shares of the pipeline company's stock after selling 75,154 shares during the period. Zurich Insurance Group Ltd FI's holdings in Targa Resources were worth $12,832,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Snowden Capital Advisors LLC boosted its position in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after purchasing an additional 53 shares during the last quarter. Ritholtz Wealth Management boosted its position in Targa Resources by 1.3% during the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after purchasing an additional 62 shares during the last quarter. Stratos Wealth Advisors LLC boosted its position in Targa Resources by 3.6% during the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after purchasing an additional 62 shares during the last quarter. Curated Wealth Partners LLC boosted its position in Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock valued at $670,000 after purchasing an additional 73 shares during the last quarter. Finally, D.A. Davidson & CO. increased its position in Targa Resources by 1.8% during the first quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock worth $855,000 after buying an additional 74 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRGP. Wells Fargo & Company reissued an "overweight" rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. Mizuho reduced their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a report on Friday, August 29th. Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. Finally, Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $208.86.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $161.36 on Wednesday. The company's 50 day moving average price is $166.37 and its two-hundred day moving average price is $172.08. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51. The firm has a market cap of $34.72 billion, a PE ratio of 22.82, a PEG ratio of 0.98 and a beta of 1.20. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is presently 56.58%.

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.

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