Targa Resources, Inc. $TRGP Shares Purchased by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp raised its position in Targa Resources, Inc. (NYSE:TRGP) by 18.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 562,038 shares of the pipeline company’s stock after buying an additional 87,722 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Targa Resources were worth $150,705,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hardy Reed LLC increased its position in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after acquiring an additional 41 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after acquiring an additional 45 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Targa Resources by 10.5% in the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after purchasing an additional 50 shares during the last quarter. River Wealth Advisors LLC boosted its holdings in Targa Resources by 0.3% in the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after purchasing an additional 50 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after purchasing an additional 51 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 3.3%

Shares of NYSE TRGP opened at $275.77 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The stock’s 50 day moving average price is $269.33 and its two-hundred day moving average price is $250.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04. The stock has a market capitalization of $59.13 billion, a P/E ratio of 26.36, a PEG ratio of 1.38 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. On average, analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Truist Financial increased their target price on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Finally, Erste Group Bank started coverage on shares of Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $295.35.

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.