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

Raiffeisen Bank International AG lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 15.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm 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 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources during the 4th quarter valued at $27,000. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources during the second quarter worth about $32,000. Finally, Compass Financial Management LLC purchased a new stake in shares of Targa Resources during the second quarter worth about $33,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the sale, the director owned 44,000 shares in the company, valued at approximately $13,028,840. The trade was a 3.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction dated 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 sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This represents a 61.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,216 shares of company stock valued at $2,127,634 over the last ninety days. Company insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $290.20 on Friday. The stock’s 50 day simple moving average is $277.51 and its two-hundred day simple moving average is $259.69. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a market cap of $62.23 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.39 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94.

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

Targa Resources Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts recently issued reports on TRGP shares. TD Cowen boosted their price target on Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 7th. UBS Group reiterated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Truist Financial boosted their target price on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Wells Fargo & Company raised their price target on Targa Resources from $282.00 to $324.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Targa Resources has an average rating of “Buy” and an average target price of $301.18.

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.