Targa Resources, Inc. $TRGP Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lifted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 6.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,859 shares of the pipeline company’s stock after acquiring an additional 9,681 shares during the quarter. Pictet Asset Management Holding SA owned 0.07% of Targa Resources worth $39,071,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TRGP. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources during the fourth quarter worth $27,000. Olistico Wealth LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at $27,000. Miller Capital Partners Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG purchased a new position in Targa Resources in the 4th quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. acquired a new stake in Targa Resources during the 4th quarter worth about $37,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 1.2%

TRGP opened at $268.12 on Wednesday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The business has a 50-day moving average of $260.86 and a 200-day moving average of $230.71. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market capitalization of $57.55 billion, a PE ratio of 27.11, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 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 firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Equities research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio is presently 50.56%.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at $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 SEC, which is available at this hyperlink. 1.37% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on TRGP shares. Morgan Stanley raised their target price on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. TD Cowen boosted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research note on Monday, May 11th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. Seventeen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $272.73.

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.