11,541 Targa Resources, Inc. $TRGP Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 189,909 shares of the pipeline company’s stock after selling 11,541 shares during the quarter. Pictet Asset Management Holding SA owned about 0.09% of Targa Resources worth $51,334,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TRGP. First Eagle Investment Management LLC grew its holdings in Targa Resources by 381.0% during the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. Jones Financial Companies Lllp bought a new position in shares of Targa Resources in the second quarter valued at approximately $32,000. Compass Financial Management LLC acquired a new stake in shares of Targa Resources in the second quarter worth $33,000. CoreCap Advisors LLC lifted its stake in shares of Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after buying an additional 91 shares during the last quarter. Finally, Virtus Advisers LLC bought a new stake in shares of Targa Resources during the 2nd quarter worth $35,000. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles Crisp sold 3,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,216 shares of company stock worth $2,127,634 in the last ninety days. 1.37% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Citigroup lifted their target price on shares of Targa Resources from $325.00 to $338.00 and gave the stock a “buy” rating in a report on Friday, November 6th. BMO Capital Markets boosted their target price on shares of Targa Resources from $303.00 to $328.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 21st. Wells Fargo & Company upped their price target on shares of Targa Resources from $324.00 to $330.00 and gave the company an “overweight” rating in a report on Monday. Finally, Morgan Stanley upped their price target on shares of Targa Resources from $359.00 to $362.00 and gave the company an “overweight” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $326.37.

Targa Resources Stock Up 2.8%

Shares of TRGP stock opened at $281.26 on Wednesday. Targa Resources, Inc. has a 12 month low of $166.18 and a 12 month high of $316.60. The firm has a market cap of $60.34 billion, a PE ratio of 24.89, a price-to-earnings-growth ratio of 1.12 and a beta of 0.76. The stock has a 50 day moving average of $288.74 and a 200-day moving average of $262.21. The company has a quick ratio of 0.66, a current ratio of 0.74 and a debt-to-equity ratio of 4.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.30. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $4.77 billion. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. On average, equities analysts predict that Targa Resources, Inc. will post 11.51 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, October 30th. Targa Resources’s dividend payout ratio is presently 44.25%.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.