Mitsubishi UFJ Asset Management UK Ltd. Makes New Investment in Targa Resources, Inc. $TRGP

Mitsubishi UFJ Asset Management UK Ltd. bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 6,000 shares of the pipeline company’s stock, valued at approximately $1,107,000.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after buying an additional 1,620,253 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Targa Resources during the 3rd quarter worth approximately $121,426,000. Vanguard Group Inc. increased its stake in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after buying an additional 422,075 shares during the period. Merewether Investment Management LP increased its stake in Targa Resources by 52.9% during the 2nd quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock worth $172,789,000 after buying an additional 343,319 shares during the period. Finally, Balyasny Asset Management L.P. increased its stake in Targa Resources by 107.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company’s stock worth $98,628,000 after buying an additional 304,426 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total value of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. The trade was a 9.37% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 115,531 shares of company stock worth $27,405,821. 1.37% of the stock is currently owned by company insiders.

Targa Resources Trading Up 0.7%

NYSE TRGP opened at $276.51 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $277.23. The stock has a market capitalization of $59.35 billion, a PE ratio of 27.96, a price-to-earnings-growth ratio of 1.72 and a beta of 0.75. The firm has a 50 day moving average of $246.30 and a two-hundred day moving average of $210.49.

Targa Resources (NYSE:TRGP) last posted its quarterly 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). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, research analysts expect that Targa Resources, Inc. will post 10.66 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research note on Tuesday, May 12th. TD Cowen boosted their price target on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Morgan Stanley boosted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, Scotiabank boosted their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $266.36.

Targa Resources Company Profile

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.