Targa Resources, Inc. $TRGP Stake Lessened by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. lowered its holdings in Targa Resources, Inc. (NYSE:TRGP) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,170 shares of the pipeline company’s stock after selling 1,896 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Targa Resources were worth $12,570,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources in the fourth quarter worth $27,000. Olistico Wealth LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $27,000. Eagle Bay Advisors LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $42,000. Root Financial Partners LLC acquired a new position in shares of Targa Resources in the third quarter worth $39,000. Finally, Elyxium Wealth LLC acquired a new position in shares of Targa Resources in the fourth quarter worth $60,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares in the company, valued at approximately $2,704,172.40. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 115,531 shares of company stock valued at $27,405,821 in the last quarter. Insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 2.1%

Targa Resources stock opened at $270.47 on Thursday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market capitalization of $58.05 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 1.73 and a beta of 0.75. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. The company’s fifty day moving average price is $247.02 and its two-hundred day moving average price is $211.33.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, analysts forecast that Targa Resources, Inc. will post 10.66 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a $1.25 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. TD Cowen upped their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $281.00 price target on shares of Targa Resources in a research note on Tuesday, May 12th. UBS Group upped their price target on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $266.36.

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.