Tokio Marine Asset Management Co. Ltd. Buys 3,767 Shares of Targa Resources, Inc. $TRGP

Key Points

• Tokio Marine Asset Management Co. Ltd. increased its stake in Targa Resources by 110.6% in Q1, acquiring an additional 3,767 shares for a total of 7,172 shares valued at approximately $1.44 million.
• Several large institutional investors, including Bessemer Group Inc. and Oppenheimer & Co. Inc., have also increased their positions in Targa Resources, highlighting a trend of growing institutional investment in the company.
• Targa Resources declared a quarterly dividend of $1.00, an increase from its previous dividend of $0.12, representing an annualized yield of 2.4%.

Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 110.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,172 shares of the pipeline company's stock after purchasing an additional 3,767 shares during the period. Tokio Marine Asset Management Co. Ltd.'s holdings in Targa Resources were worth $1,438,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in TRGP. Townsquare Capital LLC lifted its stake in Targa Resources by 57.2% during the fourth quarter. Townsquare Capital LLC now owns 3,495 shares of the pipeline company's stock valued at $624,000 after buying an additional 1,272 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in Targa Resources during the fourth quarter valued at about $443,000. Marshall Wace LLP lifted its stake in Targa Resources by 165.6% during the fourth quarter. Marshall Wace LLP now owns 64,675 shares of the pipeline company's stock valued at $11,544,000 after buying an additional 40,326 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares in the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new stake in Targa Resources during the fourth quarter valued at about $12,243,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Up 1.1%

NYSE:TRGP traded up $1.7420 during mid-day trading on Wednesday, reaching $162.5120. The stock had a trading volume of 1,722,286 shares, compared to its average volume of 1,552,043. The business's 50 day moving average is $168.30 and its 200 day moving average is $176.13. Targa Resources, Inc. has a fifty-two week low of $141.58 and a fifty-two week high of $218.51. The stock has a market cap of $34.97 billion, a P/E ratio of 22.99, a PEG ratio of 1.01 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. As a group, sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. The ex-dividend date was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. Targa Resources's dividend payout ratio is 56.58%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Cfra Research raised shares of Targa Resources to a "hold" rating in a research report on Friday, August 8th. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources 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.