UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $382 Million Stock Position in Targa Resources, Inc. $TRGP

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 owned about 0.66% of Targa Resources worth $382,004,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its holdings in shares of Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock valued at $6,421,000 after acquiring an additional 12,640 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock worth $151,331,000 after acquiring an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY raised its holdings in shares of Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock worth $57,816,000 after acquiring an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG boosted its position in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock valued at $6,245,000 after purchasing an additional 20,905 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director owned 62,292 shares of the company's stock, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is currently owned by company insiders.

Targa Resources Trading Up 0.2%

Shares of NYSE:TRGP opened at $288.38 on Monday. The stock has a market capitalization of $61.84 billion, a PE ratio of 27.57, a P/E/G ratio of 1.37 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94. The firm has a fifty day moving average price of $275.05 and a 200 day moving average price of $257.39. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $4.90 billion. Analysts expect that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have commented on TRGP shares. Raymond James Financial set a $335.00 target price on Targa Resources in a research note on Friday, August 7th. Citigroup reiterated a "buy" rating on shares of Targa Resources in a report on Wednesday, May 27th. Wells Fargo & Company boosted their price target on Targa Resources from $270.00 to $282.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Morgan Stanley increased their price objective on Targa Resources from $333.00 to $343.00 and gave the stock an "overweight" rating in a report on Tuesday, August 18th. Finally, Mizuho increased their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $298.71.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source