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

Bank Pictet & Cie Europe AG trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. grew its holdings in shares of Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after purchasing an additional 291,114 shares during the last quarter. State Street Corp lifted its holdings in Targa Resources by 4.6% during the 2nd quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock valued at $3,814,604,000 after buying an additional 626,885 shares in the last quarter. Bank of America Corp DE lifted its holdings in 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 valued at $790,299,000 after buying an additional 688,598 shares in the last quarter. Deutsche Bank AG lifted its holdings in Targa Resources by 21.7% during the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock valued at $811,190,000 after buying an additional 539,582 shares in the last quarter. Finally, Amundi boosted its position in Targa Resources by 10.8% in the 2nd quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after buying an additional 215,915 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Royal Bank Of Canada upped their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $340.00 target price on shares of Targa Resources in a research report on Tuesday. Morgan Stanley lifted their price target on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. Wells Fargo & Company boosted their price target on Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Finally, TD Cowen upgraded Targa Resources from a “hold” rating to a “buy” rating and boosted their price target for the company from $275.00 to $350.00 in a report on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $318.00.

Targa Resources Stock Down 0.1%

NYSE:TRGP traded down $0.20 during mid-day trading on Tuesday, reaching $292.60. The company’s stock had a trading volume of 322,192 shares, compared to its average volume of 1,290,134. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1 year low of $149.21 and a 1 year high of $307.94. The stock has a fifty day moving average of $286.78 and a 200-day moving average of $270.44. The firm has a market capitalization of $62.74 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 1.22 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS 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 business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Equities research analysts forecast that Targa Resources, Inc. will post 11.38 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. The ex-dividend date is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) 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.