Union Bancaire Privee UBP SA Sells 7,076 Shares of Targa Resources, Inc. $TRGP

Key Points

• Union Bancaire Privee UBP SA reduced its stake in Targa Resources, Inc. by 65.6%, selling 7,076 shares and retaining 3,716 shares worth approximately $647,000.
• Targa Resources recently increased its quarterly dividend to $1.00 per share, which represents an annualized yield of 2.4%, significantly up from the previous $0.12 per share.
• The company reported strong earnings with $2.87 EPS for the last quarter, beating analyst expectations of $1.95 and demonstrating a return on equity of 43.35%.

Union Bancaire Privee UBP SA lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 65.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 3,716 shares of the pipeline company's stock after selling 7,076 shares during the period. Union Bancaire Privee UBP SA's holdings in Targa Resources were worth $647,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TRGP. Cornerstone Planning Group LLC grew its holdings in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the period. Disciplina Capital Management LLC bought a new stake in Targa Resources during the first quarter valued at about $46,000. Olde Wealth Management LLC bought a new stake in Targa Resources during the first quarter valued at about $52,000. ST Germain D J Co. Inc. bought a new stake in Targa Resources during the first quarter valued at about $60,000. Finally, Wolff Wiese Magana LLC grew its holdings in Targa Resources by 376.2% during the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock valued at $60,000 after purchasing an additional 237 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $167.33 on Wednesday. Targa Resources, Inc. has a 52 week low of $146.55 and a 52 week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm has a fifty day simple moving average of $165.55 and a two-hundred day simple moving average of $169.79. The stock has a market capitalization of $36.01 billion, a P/E ratio of 23.67, a PEG ratio of 1.00 and a beta of 1.20.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. On average, analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective on the stock. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. Finally, Royal Bank Of Canada boosted their price objective on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $207.27.

Targa Resources Profile

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.

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