Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stake in Targa Resources, Inc. $TRGP

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 6.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 515,477 shares of the pipeline company’s stock after purchasing an additional 31,926 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.24% of Targa Resources worth $138,220,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Norges Bank purchased a new stake in Targa Resources in the 4th quarter valued at about $735,758,000. Goldman Sachs Group Inc. boosted its stake in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after buying an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Targa Resources during the third quarter valued at about $121,426,000. Bank of America Corp DE increased its position in shares of Targa Resources by 28.0% during the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock valued at $790,299,000 after acquiring an additional 688,598 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. raised its stake in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after acquiring an additional 572,562 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Jefferies Financial Group upped their price target on Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a research note on Tuesday. Royal Bank Of Canada raised their price target on Targa Resources from $310.00 to $312.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 11th. Truist Financial boosted their price objective on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Finally, Morgan Stanley increased their target price on Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $297.18.

Targa Resources Price Performance

Shares of TRGP opened at $298.40 on Wednesday. The company has a market cap of $63.99 billion, a P/E ratio of 28.53, a PEG ratio of 1.43 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 $305.08. 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 firm’s 50 day moving average price is $270.29 and its 200 day moving average price is $252.40.

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

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

Targa Resources 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.