UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 85,689 Shares of Targa Resources, Inc. $TRGP

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,424,643 shares of the pipeline company’s stock after selling 85,689 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Targa Resources were worth $382,004,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the 4th quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new stake in shares of Targa Resources in the second quarter valued at approximately $32,000. Finally, Compass Financial Management LLC bought a new stake in shares of Targa Resources in the second quarter valued at approximately $33,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $288.38 on Monday. The business’s fifty day moving average price is $275.05 and its two-hundred day moving average price is $257.39. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94. The stock has a market capitalization of $61.84 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 1.37 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 (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. As a group, analysts predict that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Analysts Set New Price Targets

TRGP has been the topic of a number of research reports. Erste Group Bank started coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating on the stock. 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. Wolfe Research set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. Raymond James Financial set a $335.00 price objective on shares of Targa Resources in a report on Friday, August 7th. Finally, Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $298.71.

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the business’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 transaction, the director directly owned 1,529 shares of the company’s stock, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is owned by corporate insiders.

About Targa Resources

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.