Lombard Odier Asset Management Switzerland SA Acquires New Holdings in Targa Resources, Inc. $TRGP

Lombard Odier Asset Management Switzerland SA bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,868 shares of the pipeline company’s stock, valued at approximately $1,471,000.

Several other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after buying an additional 12,640 shares during the period. Hsbc Holdings PLC increased its position in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after acquiring an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY raised its holdings in shares of Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after acquiring an additional 62,652 shares during the period. Raiffeisen Bank International AG raised its holdings in shares of Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after acquiring an additional 20,905 shares during the period. Finally, Banque Pictet & Cie SA bought a new stake in Targa Resources in the 4th quarter valued at $22,919,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $267.35 on Tuesday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The firm has a fifty day simple moving average of $269.71 and a 200 day simple moving average of $243.03. The stock has a market capitalization of $57.38 billion, a price-to-earnings ratio of 27.03, a PEG ratio of 1.44 and a beta of 0.71. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Research analysts forecast that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TRGP. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Wells Fargo & Company lifted their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Royal Bank Of Canada restated an “outperform” rating and issued a $310.00 price target on shares of Targa Resources in a report on Tuesday, July 21st. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research report on Friday, May 8th. Finally, Jefferies Financial Group started coverage on Targa Resources in a report on Thursday, June 18th. They set a “buy” rating and a $314.00 price objective for the company. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $288.00.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.