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

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 6.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 515,477 shares of the pipeline company’s stock after purchasing an additional 31,926 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Targa Resources were worth $138,220,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares during the period. Miller Howard Investments Inc. NY grew its stake in Targa Resources by 37.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after buying an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG grew its stake in Targa Resources by 164.1% during the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after buying an additional 20,905 shares during the last quarter. Finally, Icon Wealth Advisors LLC increased its position in Targa Resources by 24.0% during the fourth quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock worth $3,625,000 after buying an additional 3,797 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 7.4%

TRGP stock opened at $298.40 on Wednesday. The stock has a market capitalization of $63.99 billion, a PE ratio of 28.53, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $305.08. The company has a fifty day moving average of $270.29 and a 200-day moving average of $252.40. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.90 billion. As a group, analysts expect that Targa Resources, Inc. will post 11.01 EPS for the current year.

Targa Resources Announces Dividend

The firm 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 dividend yield of 1.7%. Targa Resources’s payout ratio is 47.80%.

Analyst Ratings Changes

Several research firms have recently weighed in on TRGP. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. Erste Group Bank began coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. Wolfe Research set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. Barclays raised their price objective on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $297.18.

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.