Union Bancaire Privee UBP SA Acquires 33,496 Shares of Targa Resources, Inc. $TRGP

Key Points

• Union Bancaire Privee UBP SA increased its stake in Targa Resources by 126.3% in the first quarter, buying 33,496 additional shares and bringing its total holding to 60,022 shares valued at about $15.0 million.
• Targa Resources reported weaker-than-expected first-quarter results, with EPS of $2.21 versus the $2.48 estimate and revenue of $4.09 billion versus the $4.68 billion consensus.
• The company raised its quarterly dividend to $1.25 from $1.00, while analysts remain broadly positive with 17 Buy ratings and a consensus price target of $272.73.

Union Bancaire Privee UBP SA boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 126.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 60,022 shares of the pipeline company's stock after purchasing an additional 33,496 shares during the quarter. Union Bancaire Privee UBP SA's holdings in Targa Resources were worth $15,049,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Value Partners Investments Inc. purchased a new stake in Targa Resources during the 1st quarter valued at approximately $3,691,000. Venturi Wealth Management LLC lifted its holdings in shares of Targa Resources by 19.9% in the first quarter. Venturi Wealth Management LLC now owns 813 shares of the pipeline company's stock worth $204,000 after buying an additional 135 shares in the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of Targa Resources in the first quarter worth $2,733,000. First American Bank bought a new position in shares of Targa Resources during the first quarter worth $301,000. Finally, Kestra Private Wealth Services LLC grew its stake in Targa Resources by 26.9% during the first quarter. Kestra Private Wealth Services LLC now owns 6,836 shares of the pipeline company's stock valued at $1,714,000 after acquiring an additional 1,450 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock 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 company has a fifty day moving average of $259.59 and a two-hundred day moving average of $229.14. The firm has a market capitalization of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

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

Targa Resources Increases Dividend

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

Analyst Upgrades and Downgrades

Several analysts have commented on TRGP shares. The Goldman Sachs Group boosted their price target 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. Truist Financial boosted their target price on Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Wells Fargo & Company increased their price target on Targa Resources from $264.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, UBS Group upped their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, March 24th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $272.73.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of the business's stock in a transaction on 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 completion of the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.37% of the company's stock.

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.

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