Pictet Asset Management Holding SA Reduces Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Pictet Asset Management Holding SA cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 103,878 shares of the pipeline company’s stock after selling 684 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Targa Resources were worth $18,542,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TRGP. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $505,132,000. GQG Partners LLC purchased a new position in shares of Targa Resources in the fourth quarter worth $393,335,000. Raymond James Financial Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $150,372,000. TD Asset Management Inc. grew its holdings in shares of Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after buying an additional 825,267 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after acquiring an additional 633,589 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $203.16 on Wednesday. The company has a market capitalization of $44.31 billion, a P/E ratio of 35.39, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The business’s 50 day moving average is $198.72 and its two-hundred day moving average is $186.09. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last 90 days. Insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Wells Fargo & Company increased their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Mizuho lifted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Barclays boosted their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $211.00.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.