Raiffeisen Bank International AG Has $1.94 Million Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Raiffeisen Bank International AG reduced its stake in Targa Resources by 39.9%, now holding 9,822 shares valued at $1.94 million as per their latest SEC filing.
• Targa Resources reported $0.91 EPS for the quarter, missing analysts' expectations significantly, as the forecasted estimate was $2.04.
• The company announced a quarterly dividend of $1.00 per share, a notable increase from its previous dividend of $0.12, with a dividend yield of 2.5%.

Raiffeisen Bank International AG reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 39.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 9,822 shares of the pipeline company's stock after selling 6,525 shares during the quarter. Raiffeisen Bank International AG's holdings in Targa Resources were worth $1,943,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Cornerstone Planning Group LLC raised its stake in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the period. Ameriflex Group Inc. purchased a new position in Targa Resources in the 4th quarter worth $31,000. Colonial Trust Co SC boosted its holdings in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in Targa Resources in the fourth quarter valued at $32,000. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on TRGP. TD Securities started coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. Citigroup reduced their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. The Goldman Sachs Group lowered their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Mizuho set a $212.00 price objective on Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $205.00 target price on shares of Targa Resources in a report on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $209.86.

Targa Resources Stock Performance

Shares of NYSE TRGP traded down $1.55 during trading hours on Tuesday, hitting $163.27. 261,661 shares of the company's stock were exchanged, compared to its average volume of 1,874,186. Targa Resources, Inc. has a 1-year low of $128.44 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The company's 50-day moving average price is $167.92 and its 200-day moving average price is $179.28. The stock has a market capitalization of $35.42 billion, a price-to-earnings ratio of 30.12, a PEG ratio of 1.06 and a beta of 1.12.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources's payout ratio is presently 73.66%.

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.