Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 5.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 338,826 shares of the pipeline company’s stock after acquiring an additional 17,413 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of Targa Resources worth $63,079,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of TRGP. Banco BTG Pactual S.A. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $345,000. TrueMark Investments LLC grew its position in Targa Resources by 302.9% during the fourth quarter. TrueMark Investments LLC now owns 10,149 shares of the pipeline company’s stock valued at $1,812,000 after buying an additional 7,630 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Targa Resources by 15.6% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,672 shares of the pipeline company’s stock valued at $834,000 after buying an additional 632 shares in the last quarter. Keystone Investors PTE Ltd. acquired a new position in shares of Targa Resources in the fourth quarter worth about $220,000. Finally, Zions Bancorporation N.A. boosted its stake in shares of Targa Resources by 52.4% during the 4th quarter. Zions Bancorporation N.A. now owns 10,057 shares of the pipeline company’s stock worth $1,795,000 after acquiring an additional 3,457 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

NYSE TRGP opened at $197.69 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock’s fifty day moving average is $199.31 and its two-hundred day moving average is $184.76. The firm has a market capitalization of $43.12 billion, a P/E ratio of 34.44, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Citigroup upped their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Scotiabank decreased their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company boosted their price target 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. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $211.00.

Targa Resources Company 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.