93,860 Shares in Targa Resources, Inc. $TRGP Bought by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG bought a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 93,860 shares of the pipeline company’s stock, valued at approximately $17,317,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Olistico Wealth LLC purchased a new stake in Targa Resources during the 4th quarter worth about $27,000. Peoples Financial Services CORP. purchased a new position in shares of Targa Resources in the 3rd quarter valued at about $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources in the 3rd quarter valued at about $39,000. Avion Wealth raised its position in shares of Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 228 shares in the last quarter. Finally, First Horizon Corp purchased a new stake in Targa Resources during the third quarter worth approximately $47,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 2.2%

NYSE:TRGP opened at $245.17 on Thursday. The stock’s 50 day moving average price is $226.82 and its 200 day moving average price is $190.34. The company has a market capitalization of $52.66 billion, a PE ratio of 28.54, a P/E/G ratio of 1.64 and a beta of 0.81. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $253.40.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. On average, research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.6%. Targa Resources’s dividend payout ratio is 46.57%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the company’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares of the company’s stock, valued at $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 104,929 shares of company stock worth $24,692,134 over the last 90 days. Company insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TRGP. Truist Financial initiated coverage on Targa Resources in a report on Tuesday, March 24th. They issued a “buy” rating and a $279.00 price target for the company. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a report on Tuesday, February 24th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Royal Bank Of Canada upped their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $252.57.

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.