UBS Asset Management Americas Inc. Sells 12,663 Shares of Targa Resources Corp. (NYSE:TRGP)

UBS Asset Management Americas Inc. reduced its holdings in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 1.7% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 712,700 shares of the pipeline company’s stock after selling 12,663 shares during the quarter. UBS Asset Management Americas Inc. owned 0.31% of Targa Resources worth $43,004,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EdgeRock Capital LLC bought a new position in Targa Resources in the 3rd quarter worth about $28,000. Chilton Capital Management LLC bought a new position in Targa Resources in the 2nd quarter worth about $31,000. SeaCrest Wealth Management LLC bought a new position in Targa Resources in the 2nd quarter worth about $34,000. Ronald Blue Trust Inc. bought a new position in Targa Resources in the 2nd quarter worth about $47,000. Finally, National Bank of Canada FI increased its stake in Targa Resources by 46.6% in the 3rd quarter. National Bank of Canada FI now owns 1,180 shares of the pipeline company’s stock worth $72,000 after acquiring an additional 375 shares during the last quarter. 88.29% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 1.8 %

NYSE TRGP opened at $72.21 on Tuesday. Targa Resources Corp. has a fifty-two week low of $55.56 and a fifty-two week high of $81.50. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.64 and a current ratio of 0.77. The stock has a 50 day simple moving average of $74.96 and a two-hundred day simple moving average of $71.19. The stock has a market cap of $16.37 billion, a P/E ratio of 18.56 and a beta of 2.29.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 15th. Shareholders of record on Tuesday, January 31st were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.94%. The ex-dividend date was Monday, January 30th. Targa Resources’s dividend payout ratio (DPR) is currently 35.99%.

Wall Street Analyst Weigh In

TRGP has been the topic of several recent research reports. Mizuho increased their price objective on Targa Resources from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. Wells Fargo & Company increased their price objective on Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. Scotiabank initiated coverage on Targa Resources in a research report on Thursday, March 2nd. They set an “outperform” rating and a $115.00 price objective on the stock. Seaport Res Ptn reiterated a “buy” rating on shares of Targa Resources in a research report on Thursday, February 16th. Finally, Citigroup initiated coverage on Targa Resources in a research report on Thursday, December 8th. They set a “buy” rating and a $95.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources has an average rating of “Buy” and an average target price of $97.91.

About Targa Resources

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.