Union Bancaire Privee UBP SA Raises Stock Position in Targa Resources, Inc. $TRGP

Union Bancaire Privee UBP SA grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 126.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 60,022 shares of the pipeline company’s stock after acquiring an additional 33,496 shares during the period. Union Bancaire Privee UBP SA’s holdings in Targa Resources were worth $15,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in Targa Resources during the 4th quarter valued at $27,000. Olistico Wealth LLC bought a new position in shares of Targa Resources during the 4th quarter worth $27,000. Miller Capital Partners Inc. purchased a new position in shares of Targa Resources during the fourth quarter valued at $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the fourth quarter valued at $31,000. Finally, Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources in the fourth quarter valued at about $37,000. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TRGP. TD Cowen increased their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Barclays upped their price target on shares of Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a research report on Tuesday. Wells Fargo & Company increased their price objective 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. Morgan Stanley lifted their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Trading Down 0.2%

NYSE TRGP opened at $272.83 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The firm has a market cap of $58.56 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 1.40 and a beta of 0.72. The company has a 50 day moving average price of $259.59 and a 200 day moving average price of $229.14. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. As a group, sell-side analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated 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 $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.37% of the stock is currently owned by company insiders.

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.