Union Bancaire Privee UBP SA Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

Union Bancaire Privee UBP SA lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 17.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 10,792 shares of the pipeline company's stock after selling 2,282 shares during the period. Union Bancaire Privee UBP SA's holdings in Targa Resources were worth $1,991,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Targa Resources by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the period. Geode Capital Management LLC boosted its position in shares of Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $505,132,000. Price T Rowe Associates Inc. MD boosted its position in shares of Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after purchasing an additional 53,853 shares during the period. Finally, GQG Partners LLC purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $393,335,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 1.9%

Shares of TRGP traded down $3.35 during midday trading on Monday, reaching $171.46. The stock had a trading volume of 2,264,941 shares, compared to its average volume of 1,840,598. Targa Resources Corp. has a 1-year low of $119.00 and a 1-year high of $218.51. The company's fifty day simple moving average is $166.18 and its two-hundred day simple moving average is $183.82. The company has a market cap of $37.20 billion, a price-to-earnings ratio of 29.87, a PEG ratio of 0.61 and a beta of 1.07. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend was Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Analyst Ratings Changes

A number of research firms have issued reports on TRGP. Wells Fargo & Company increased their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Citigroup reduced their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Finally, Royal Bank of Canada reduced their target price on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $199.07.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.