Targa Resources, Inc. (NYSE:TRGP) Shares Acquired by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 82,982 shares of the pipeline company’s stock after acquiring an additional 3,188 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Targa Resources were worth $16,635,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its position in shares of Targa Resources by 48.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company’s stock valued at $508,000 after purchasing an additional 823 shares during the period. XML Financial LLC acquired a new stake in shares of Targa Resources in the 1st quarter valued at about $200,000. Wolff Wiese Magana LLC raised its stake in Targa Resources by 376.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock valued at $60,000 after acquiring an additional 237 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Targa Resources during the 1st quarter valued at approximately $1,261,000. Finally, Brendel Financial Advisors LLC purchased a new stake in Targa Resources during the 1st quarter valued at approximately $1,999,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRGP has been the subject of several analyst reports. Royal Bank Of Canada reduced their price objective on Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. Citigroup reduced their price objective on Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Scotiabank upped their price objective on Targa Resources from $193.00 to $197.00 and gave the company a “sector outperform” rating in a research note on Thursday, June 5th. Truist Financial upped their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Finally, UBS Group reduced their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research note on Thursday, May 15th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Targa Resources has an average rating of “Buy” and an average price target of $199.07.

Targa Resources Stock Performance

Shares of TRGP stock opened at $170.59 on Thursday. The company has a market cap of $37.01 billion, a price-to-earnings ratio of 31.42, a price-to-earnings-growth ratio of 0.59 and a beta of 1.07. The stock has a 50 day simple moving average of $166.26 and a 200-day simple moving average of $182.68. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s payout ratio is currently 73.66%.

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.