Raiffeisen Bank International AG Purchases 20,905 Shares of Targa Resources, Inc. $TRGP

Key Points

• Raiffeisen Bank International AG increased its stake in Targa Resources by 164.1% in the fourth quarter, buying 20,905 additional shares and bringing its total holding to 33,641 shares worth about $6.25 million.
• Wall Street remains broadly bullish on TRGP, with 15 analysts rating it a Buy and the consensus target price sitting at $269.21. Recent note-ups from UBS, Truist, Wells Fargo, and BMO Capital Markets helped reinforce the positive outlook.
• Targa Resources recently reported mixed quarterly results, missing EPS and revenue estimates, but it also raised its quarterly dividend to $1.25 per share from $1.00. The stock was trading near $269.31, close to its 52-week high of $280.00.

Raiffeisen Bank International AG boosted its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 164.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,641 shares of the pipeline company's stock after purchasing an additional 20,905 shares during the period. Raiffeisen Bank International AG's holdings in Targa Resources were worth $6,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Principal Securities Inc. lifted its stake in Targa Resources by 41.4% in the fourth quarter. Principal Securities Inc. now owns 1,169 shares of the pipeline company's stock worth $216,000 after purchasing an additional 342 shares during the last quarter. Aviva PLC lifted its stake in Targa Resources by 5.6% in the fourth quarter. Aviva PLC now owns 235,890 shares of the pipeline company's stock worth $43,522,000 after purchasing an additional 12,414 shares during the last quarter. Great Valley Advisor Group Inc. lifted its stake in Targa Resources by 38.4% in the fourth quarter. Great Valley Advisor Group Inc. now owns 10,711 shares of the pipeline company's stock worth $1,976,000 after purchasing an additional 2,972 shares during the last quarter. Buckley Wealth Management LLC lifted its stake in Targa Resources by 4.9% in the fourth quarter. Buckley Wealth Management LLC now owns 8,055 shares of the pipeline company's stock worth $1,486,000 after purchasing an additional 375 shares during the last quarter. Finally, Xponance LLC lifted its stake in Targa Resources by 1.9% in the fourth quarter. Xponance LLC now owns 68,118 shares of the pipeline company's stock worth $12,568,000 after purchasing an additional 1,244 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TRGP. UBS Group lifted their price target on shares of Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. BMO Capital Markets reaffirmed an "outperform" rating and set a $241.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Truist Financial lifted their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a "buy" rating in a research note on Tuesday, May 12th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, Wells Fargo & Company lifted their price target on shares of Targa Resources from $264.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Targa Resources has an average rating of "Moderate Buy" and a consensus target price of $269.21.

Targa Resources Stock Performance

Shares of TRGP stock opened at $269.31 on Friday. The firm has a market cap of $57.80 billion, a price-to-earnings ratio of 27.23, a PEG ratio of 1.39 and a beta of 0.72. The company's 50 day moving average is $254.88 and its 200 day moving average is $222.52. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is a boost 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%. Targa Resources's payout ratio is currently 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company's stock.

Targa Resources 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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.