Nippon Life Global Investors Americas Inc. Buys 4,170 Shares of Targa Resources, Inc. $TRGP

Key Points

• Nippon Life Global Investors Americas increased its Targa Resources stake by 39.4% in the second quarter, purchasing 4,170 additional shares and bringing its holdings to 14,760 shares valued at approximately $3.96 million.
• Institutional ownership remains high at 92.13%, with major investors including State Street, Geode Capital, Norges Bank, Tortoise Capital Advisors and Goldman Sachs holding significant positions.
• Analysts maintain a bullish outlook, with a consensus “Buy” rating and an average price target of $295.35. Targa also exceeded quarterly earnings expectations, reporting $3.54 in adjusted earnings per share versus the $2.83 consensus estimate.

Nippon Life Global Investors Americas Inc. raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 39.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,760 shares of the pipeline company's stock after buying an additional 4,170 shares during the quarter. Nippon Life Global Investors Americas Inc.'s holdings in Targa Resources were worth $3,958,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC raised its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after purchasing an additional 45,495 shares during the period. Norges Bank acquired a new stake in Targa Resources in the fourth quarter worth $735,758,000. Tortoise Capital Advisors L.L.C. boosted its position in shares of Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after purchasing an additional 572,562 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock worth $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group set a $324.00 price target on shares of Targa Resources in a report on Friday, August 7th. Truist Financial lifted their target price on Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Barclays increased their price target on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, TD Cowen raised their price target on Targa Resources from $270.00 to $275.00 and gave the stock a "hold" rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $295.35.

Targa Resources Stock Down 0.0%

Targa Resources stock opened at $275.77 on Monday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $291.04. The company has a fifty day simple moving average of $269.33 and a 200 day simple moving average of $251.13. The company has a market cap of $59.13 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Research analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is currently 47.80%.

Targa Resources Profile

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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