Targa Resources, Inc. $TRGP Shares Purchased by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp increased its Targa Resources stake by 18.5% in the second quarter, purchasing 87,722 shares to hold 562,038 shares valued at approximately $150.7 million. Institutional investors collectively own 92.13% of the company.
• Analysts remain broadly bullish on Targa Resources, with an average rating of “Buy” and an average price target of $295.35; recent targets range from $257 to $335.
• Targa reported quarterly EPS of $3.54, beating estimates of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus. The company also paid a quarterly dividend of $1.25 per share, equivalent to a 1.8% annualized yield.

Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 18.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 562,038 shares of the pipeline company's stock after purchasing an additional 87,722 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.26% of Targa Resources worth $150,705,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Hardy Reed LLC grew its stake in shares of Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after buying an additional 41 shares during the period. Versant Capital Management Inc raised its position in shares of Targa Resources by 4.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company's stock worth $307,000 after buying an additional 45 shares during the period. Hantz Financial Services Inc. raised its position in shares of Targa Resources by 10.5% in the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock worth $97,000 after buying an additional 50 shares during the period. River Wealth Advisors LLC boosted its holdings in Targa Resources by 0.3% in the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company's stock valued at $5,217,000 after acquiring an additional 50 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Targa Resources by 0.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock valued at $1,376,000 after acquiring an additional 51 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Erste Group Bank began coverage on Targa Resources in a report on Thursday, June 25th. They issued a "buy" rating on the stock. Barclays boosted their target price on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Scotiabank increased their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 12th. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. Finally, Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $295.35.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $275.77 on Friday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $291.04. The business has a 50-day moving average of $269.33 and a 200-day moving average of $250.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The company has a market capitalization of $59.13 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities analysts anticipate that Targa Resources, Inc. will post 11.01 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

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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