Bank Pictet & Cie Europe AG Sells 2,691 Shares of Targa Resources, Inc. $TRGP

Bank Pictet & Cie Europe AG cut its position in Targa Resources, Inc. (NYSE:TRGP) by 3.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,677 shares of the pipeline company’s stock after selling 2,691 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Targa Resources were worth $20,456,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Targa Resources by 1.4% in the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after buying an additional 291,114 shares in the last quarter. State Street Corp raised its stake in shares of Targa Resources by 4.6% during the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock worth $3,814,604,000 after acquiring an additional 626,885 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Targa Resources by 28.0% during the 1st quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock worth $790,299,000 after acquiring an additional 688,598 shares in the last quarter. Deutsche Bank AG raised its stake in shares of Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock worth $811,190,000 after acquiring an additional 539,582 shares in the last quarter. Finally, Amundi lifted its position in Targa Resources by 10.8% during the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after acquiring an additional 215,915 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Targa Resources from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday, October 14th. Erste Group Bank began coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. Mizuho upped their price target on Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, September 11th. Royal Bank Of Canada increased their price objective on Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Finally, Truist Financial reissued a “buy” rating and issued a $345.00 price objective (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $318.00.

Insiders Place Their Bets

In other news, Director Paul W. Chung sold 1,816 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is owned by company insiders.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $0.20 on Tuesday, hitting $292.60. 322,192 shares of the company were exchanged, compared to its average volume of 1,290,134. Targa Resources, Inc. has a 1-year low of $149.21 and a 1-year high of $307.94. The stock’s 50 day moving average price is $286.78 and its 200 day moving average price is $270.44. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The firm has a market capitalization of $62.74 billion, a P/E ratio of 27.97, a price-to-earnings-growth ratio of 1.22 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Sell-side analysts predict that Targa Resources, Inc. will post 11.38 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.