Lombard Odier Asset Management Switzerland SA Takes $1.47 Million Position in Targa Resources, Inc. $TRGP

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

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Wealth Alliance LLC lifted its position in shares of Targa Resources by 36.8% during the first quarter. Wealth Alliance LLC now owns 2,057 shares of the pipeline company’s stock worth $516,000 after purchasing an additional 553 shares in the last quarter. Bridgewater Advisors Inc. grew its stake in shares of Targa Resources by 2.7% during the first quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company’s stock valued at $520,000 after purchasing an additional 59 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Targa Resources by 58.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 13,481 shares of the pipeline company’s stock valued at $3,380,000 after purchasing an additional 4,996 shares in the last quarter. Dai ichi Life Insurance Company Ltd increased its holdings in shares of Targa Resources by 15.6% in the first quarter. Dai ichi Life Insurance Company Ltd now owns 10,901 shares of the pipeline company’s stock valued at $2,733,000 after purchasing an additional 1,469 shares in the last quarter. Finally, Gabelli Funds LLC raised its position in Targa Resources by 3.9% in the 1st quarter. Gabelli Funds LLC now owns 48,100 shares of the pipeline company’s stock worth $12,060,000 after purchasing an additional 1,800 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.37% of the stock is owned by corporate insiders.

Targa Resources Trading Down 5.0%

Shares of NYSE TRGP opened at $267.35 on Tuesday. The company’s 50 day simple moving average is $269.71 and its 200 day simple moving average is $243.03. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04. The firm has a market capitalization of $57.38 billion, a P/E ratio of 27.03, a P/E/G ratio of 1.44 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

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

Targa Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on TRGP. Wells Fargo & Company upped their price objective on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Barclays lifted their target price on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research note on Monday, July 13th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research report on Friday, May 8th. JPMorgan Chase & Co. upped their price target on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $288.00.

Targa Resources Company Profile

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.