Raiffeisen Bank International AG Sells 2,973 Shares of Targa Resources, Inc. $TRGP

Raiffeisen Bank International AG lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 15.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 15,738 shares of the pipeline company’s stock after selling 2,973 shares during the quarter. Raiffeisen Bank International AG’s holdings in Targa Resources were worth $4,271,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock worth $5,586,077,000 after acquiring an additional 291,114 shares in the last quarter. State Street Corp increased its holdings in shares of Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after acquiring an additional 162,878 shares in the last quarter. Geode Capital Management LLC boosted its stake in Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank bought a new position in Targa Resources in the 4th quarter worth about $735,758,000. Finally, Tortoise Capital Advisors L.L.C. boosted its stake in Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. This represents a 3.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 7,216 shares of company stock valued at $2,127,634. Insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on TRGP shares. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research note on Friday, May 8th. Barclays upped their target price on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Morgan Stanley increased their price target on shares of Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Truist Financial raised their price target on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $301.18.

Targa Resources Price Performance

NYSE TRGP opened at $290.20 on Friday. The business’s fifty day moving average price is $277.51 and its 200-day moving average price is $259.69. The stock has a market capitalization of $62.23 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.39 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. On average, equities analysts predict that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

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.