Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 12.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 221,644 shares of the pipeline company's stock after buying an additional 24,764 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.10% of Targa Resources worth $19,449,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TRGP. Deutsche Bank AG increased its holdings in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company's stock worth $478,063,000 after acquiring an additional 3,720,270 shares during the period. Truist Financial Corp increased its stake in shares of Targa Resources by 11,513.7% in the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company's stock worth $54,555,000 after acquiring an additional 630,949 shares in the last quarter. Morgan Stanley increased its stake in shares of Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company's stock worth $325,003,000 after acquiring an additional 524,794 shares in the last quarter. abrdn plc increased its stake in Targa Resources by 802.0% during the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company's stock valued at $42,125,000 after purchasing an additional 431,156 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company's stock valued at $713,107,000 after acquiring an additional 401,144 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TRGP shares. UBS Group reduced their price objective on shares of Targa Resources from $109.00 to $108.00 and set a "buy" rating on the stock in a research report on Thursday, January 18th. Barclays upped their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 9th. Royal Bank of Canada upped their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an "outperform" rating in a research note on Thursday. Mizuho boosted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. increased their price target on Targa Resources from $122.00 to $125.00 and gave the company an "overweight" rating in a research note on Wednesday, March 6th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $121.50.

Targa Resources Trading Up 1.3 %

NYSE:TRGP traded up $1.54 during trading hours on Friday, reaching $117.67. 1,075,444 shares of the company were exchanged, compared to its average volume of 1,689,242. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The firm has a market cap of $26.09 billion, a price-to-earnings ratio of 23.90 and a beta of 2.19. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.94. The stock has a 50 day simple moving average of $112.46 and a 200 day simple moving average of $96.59.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts' consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, analysts predict that Targa Resources Corp. will post 5.61 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a dividend of $0.75 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.55%. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources's dividend payout ratio (DPR) is currently 61.73%.

Insider Activity

In other news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the transaction, the insider now directly owns 136,098 shares of the company's stock, valued at approximately $15,396,766.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 20,000 shares of the business's stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the sale, the insider now owns 136,098 shares in the company, valued at $15,396,766.74. The disclosure for this sale can be found here. In the last three months, insiders sold 114,657 shares of company stock valued at $11,680,978. Company insiders own 1.39% of the company's stock.

Targa Resources Company 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.