Nomura Asset Management Co. Ltd. Decreases Holdings in Targa Resources, Inc. $TRGP

Nomura Asset Management Co. Ltd. trimmed its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 97,390 shares of the pipeline company’s stock after selling 10,788 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Targa Resources were worth $17,968,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TRGP. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at about $27,000. Atlantic Union Bankshares Corp purchased a new position in shares of Targa Resources during the 4th quarter valued at about $27,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the 4th quarter valued at about $31,000. Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources during the 4th quarter valued at about $37,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter valued at about $42,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of TRGP stock opened at $258.97 on Tuesday. The firm has a market cap of $55.59 billion, a P/E ratio of 26.19, a P/E/G ratio of 1.32 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The business’s 50 day moving average price is $251.66 and its 200-day moving average price is $217.12. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, equities research analysts anticipate that Targa Resources, Inc. will post 10.67 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is 50.56%.

Insider Buying and Selling

In other news, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction that occurred 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 directly owned 197,401 shares in the company, valued at approximately $47,640,757.34. This trade represents a 11.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.37% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TRGP shares. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. UBS Group raised their price objective on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday. Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $269.21.

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.