Mitsubishi UFJ Trust & Banking Corp Sells 25,956 Shares of Targa Resources, Inc. $TRGP

Key Points

• Mitsubishi UFJ Trust & Banking Corp trimmed its Targa Resources position by 4.5% (sold 25,956 shares) and now holds 547,321 shares worth about $100.98M; institutional investors own roughly 92.13% of the company.
• Analysts are broadly bullish with 14 Buy vs. 3 Hold ratings, a consensus rating of “Moderate Buy” and an average price target of $259.93.
• Targa raised its quarterly dividend to $1.25 ($5.00 annual, ~2.1% yield), while insiders have sold about 104,929 shares (~$24.7M) in the past 90 days.

Mitsubishi UFJ Trust & Banking Corp decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 547,321 shares of the pipeline company's stock after selling 25,956 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.25% of Targa Resources worth $100,981,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Alps Advisors Inc. lifted its holdings in shares of Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company's stock worth $24,110,000 after buying an additional 7,497 shares in the last quarter. Korea Investment CORP grew its stake in shares of Targa Resources by 37.4% in the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company's stock valued at $43,688,000 after acquiring an additional 70,998 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Targa Resources by 137.9% in the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company's stock valued at $11,164,000 after acquiring an additional 38,626 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Targa Resources by 2.4% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company's stock worth $114,313,000 after acquiring an additional 16,000 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Targa Resources by 5.0% during the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company's stock worth $81,167,000 after acquiring an additional 22,969 shares during the period. Institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Truist Financial boosted their price objective on shares of Targa Resources from $279.00 to $285.00 and gave the company a "buy" rating in a report on Monday, April 13th. Citigroup lifted their price target on shares of Targa Resources from $200.00 to $262.00 and gave the company a "buy" rating in a research report on Tuesday, February 24th. Royal Bank Of Canada boosted their price target on Targa Resources from $260.00 to $270.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Wells Fargo & Company increased their price target on Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th. Finally, Scotiabank raised their price objective on Targa Resources from $246.00 to $249.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. Fourteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $259.93.

Targa Resources Price Performance

TRGP stock opened at $241.41 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $253.87. The firm has a market cap of $51.85 billion, a P/E ratio of 28.10, a P/E/G ratio of 1.56 and a beta of 0.81. The company's 50-day moving average price is $239.10 and its two-hundred day moving average price is $199.89.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, analysts anticipate that Targa Resources, Inc. will post 10.32 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.1%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's dividend payout ratio (DPR) is 58.21%.

Insider Transactions at Targa Resources

In other news, Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the transaction, the director owned 11,670 shares in the company, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 24,589 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the sale, the insider owned 197,401 shares of the company's stock, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is owned by insiders.

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.

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