Pictet Asset Management Holding SA Decreases Holdings in Targa Resources, Inc. $TRGP

Key Points

• Pictet Asset Management trimmed its stake in Targa Resources by 27.2% in Q4, selling 54,661 shares and leaving it with 146,178 shares (about 0.07% of the company) worth roughly $26.97 million.
• Insiders have been selling, offloading a combined 104,929 shares (≈$24.7 million) in the past three months, including notable sales by D. Scott Pryor and Patrick J. Mcdonie that materially reduced their holdings.
• Targa raised its quarterly dividend from $1.00 to $1.25 (annualized $5.00), with an ex-dividend date of April 30 and a current yield around 1.9%.

Pictet Asset Management Holding SA reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 27.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 146,178 shares of the pipeline company's stock after selling 54,661 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.07% of Targa Resources worth $26,969,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in TRGP. First Horizon Corp increased its stake in Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock valued at $63,000 after purchasing an additional 57 shares during the last quarter. Equitable Holdings Inc. lifted its position in shares of Targa Resources by 3.6% during the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock worth $287,000 after buying an additional 60 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Targa Resources by 4.1% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock worth $253,000 after buying an additional 60 shares during the last quarter. State of Wyoming boosted its holdings in shares of Targa Resources by 3.2% in the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company's stock valued at $361,000 after buying an additional 64 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its position in shares of Targa Resources by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company's stock valued at $845,000 after buying an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 17,500 shares of the business's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider owned 31,938 shares in the company, valued at $7,311,246.96. The trade was a 35.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 over the last three months. 1.37% of the stock is currently owned by company insiders.

Targa Resources Stock Up 4.1%

TRGP stock opened at $260.29 on Friday. The company has a market cap of $55.91 billion, a price-to-earnings ratio of 30.30, a price-to-earnings-growth ratio of 1.62 and a beta of 0.81. The company has a fifty day moving average price of $240.75 and a 200 day moving average price of $201.32. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $260.49.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Sell-side analysts expect that Targa Resources, Inc. will post 10.32 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be issued a dividend of $1.25 per share. This is an increase from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources's dividend payout ratio is 58.21%.

Analysts Set New Price Targets

Several equities research analysts recently commented on TRGP shares. Morgan Stanley lifted their price target on shares of Targa Resources from $298.00 to $327.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 7th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $248.00 to $264.00 and gave the company an "overweight" rating in a research note on Friday, March 13th. Scotiabank raised their price objective on Targa Resources from $246.00 to $249.00 and gave the stock an "outperform" rating in a report on Monday, April 13th. Barclays lifted their target price on Targa Resources from $226.00 to $255.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 7th. Finally, Royal Bank Of Canada boosted their target price on Targa Resources from $260.00 to $270.00 and gave the company an "outperform" rating in a report on Monday, April 13th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $259.93.

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.

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