Zions Bancorporation N.A. Has $1.80 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Zions Bancorporation N.A. grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 52.4% in the 4th quarter, Holdings Channel reports. The firm owned 10,057 shares of the pipeline company’s stock after acquiring an additional 3,457 shares during the quarter. Zions Bancorporation N.A.’s holdings in Targa Resources were worth $1,795,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Atala Financial Inc acquired a new position in Targa Resources in the fourth quarter valued at approximately $31,000. Rakuten Securities Inc. increased its stake in shares of Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares in the last quarter. Aspect Partners LLC lifted its position in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after acquiring an additional 130 shares during the period. Rosenberg Matthew Hamilton boosted its stake in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 89 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in Targa Resources in the fourth quarter worth $49,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In other news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last ninety days. 1.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research reports. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Scotiabank cut their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Royal Bank of Canada boosted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Finally, US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $211.00.

Targa Resources Stock Up 0.1 %

TRGP opened at $205.20 on Wednesday. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm has a market capitalization of $44.76 billion, a P/E ratio of 35.75, a PEG ratio of 0.61 and a beta of 2.32. The company’s 50-day moving average is $200.01 and its 200 day moving average is $184.16. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

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.