Mitsubishi UFJ Asset Management UK Ltd. Purchases New Shares in Targa Resources, Inc. $TRGP

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. initiated a new position in Targa Resources, buying 6,000 shares valued at about $1.107 million in the fourth quarter.
• Targa Resources recently reported Q1 earnings of $2.21 per share, which missed analyst estimates, while revenue of $4.09 billion also came in below expectations.
• The company raised its quarterly dividend to $1.25 per share, up from $1.00, bringing the annualized dividend to $5.00 and a yield of about 1.8%.

Mitsubishi UFJ Asset Management UK Ltd. purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 6,000 shares of the pipeline company's stock, valued at approximately $1,107,000.

Several other institutional investors have also modified their holdings of TRGP. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $39,000. Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $42,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $60,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Performance

TRGP opened at $276.51 on Wednesday. The firm has a market capitalization of $59.35 billion, a PE ratio of 27.96, a PEG ratio of 1.72 and a beta of 0.75. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $277.23. The firm's 50-day moving average price is $246.30 and its 200 day moving average price is $210.49. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.66 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This is a boost from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is presently 50.56%.

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company's stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 115,531 shares of company stock valued at $27,405,821 in the last ninety days. 1.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Royal Bank Of Canada reiterated an "outperform" rating and issued a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Morgan Stanley lifted their target price on shares of Targa Resources from $327.00 to $331.00 and gave the company an "overweight" rating in a research report on Tuesday, May 12th. BMO Capital Markets reiterated an "outperform" rating and issued a $241.00 target price on shares of Targa Resources in a research report on Friday, February 20th. Finally, TD Cowen lifted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the company a "hold" rating in a research report on Monday, May 11th. Fourteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $266.36.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.