Pictet Asset Management Holding SA Buys 9,681 Shares of Targa Resources, Inc. $TRGP

Pictet Asset Management Holding SA grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 6.6% in the first quarter, Holdings Channel.com reports. The institutional investor owned 155,859 shares of the pipeline company’s stock after buying an additional 9,681 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Targa Resources were worth $39,071,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Olistico Wealth LLC acquired a new position in shares of Targa Resources during the 4th quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources during the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new position in Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources during the fourth quarter valued at approximately $37,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $268.12 on Wednesday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a 50-day moving average of $260.86 and a 200-day moving average of $230.71. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a market capitalization of $57.55 billion, a price-to-earnings ratio of 27.11, a PEG ratio of 1.39 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $4.68 billion. As a group, equities research analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Analyst Ratings Changes

A number of equities analysts have recently commented on TRGP shares. Royal Bank Of Canada reissued an “outperform” rating and issued a $281.00 price target on shares of Targa Resources in a research report on Tuesday, May 12th. Morgan Stanley raised their target price on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. TD Cowen lifted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Finally, Barclays raised their price target on Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a research report on Tuesday, June 23rd. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $272.73.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on 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 directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.37% of the company’s stock.

Targa Resources 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.