Raiffeisen Bank International AG Acquires Shares of 16,347 Targa Resources Corp. (NYSE:TRGP)

Raiffeisen Bank International AG acquired a new stake in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,347 shares of the pipeline company’s stock, valued at approximately $2,906,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fisher Asset Management LLC increased its stake in shares of Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after purchasing an additional 67 shares during the period. Mather Group LLC. increased its stake in shares of Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after purchasing an additional 68 shares during the period. Keybank National Association OH increased its stake in shares of Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after purchasing an additional 70 shares during the period. Baker Avenue Asset Management LP increased its stake in shares of Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock worth $1,648,000 after purchasing an additional 74 shares during the period. Finally, Huntington National Bank increased its stake in shares of Targa Resources by 16.5% during the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock worth $99,000 after purchasing an additional 79 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 1.2%

Shares of NYSE:TRGP opened at $166.62 on Friday. The business’s 50 day simple moving average is $177.59 and its 200 day simple moving average is $188.02. The company has a market capitalization of $36.15 billion, a P/E ratio of 29.03, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1 year low of $113.65 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were issued a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s dividend payout ratio is presently 73.66%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup lowered their target price on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note 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 on the stock in a research note on Monday, May 5th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Wells Fargo & Company increased their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Mizuho reduced their price target on Targa Resources from $226.00 to $218.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $201.64.

Targa Resources Profile

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.