Mitsubishi UFJ Trust & Banking Corp Trims Position in Targa Resources Corp. (NYSE:TRGP)

Mitsubishi UFJ Trust & Banking Corp trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 16.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 750,892 shares of the pipeline company’s stock after selling 145,488 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Targa Resources were worth $134,034,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in TRGP. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Targa Resources by 15.6% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,672 shares of the pipeline company’s stock worth $834,000 after purchasing an additional 632 shares during the period. Keystone Investors PTE Ltd. bought a new stake in Targa Resources during the fourth quarter valued at approximately $220,000. Zions Bancorporation N.A. increased its holdings in Targa Resources by 52.4% during the fourth quarter. Zions Bancorporation N.A. now owns 10,057 shares of the pipeline company’s stock valued at $1,795,000 after buying an additional 3,457 shares during the last quarter. Ashton Thomas Securities LLC raised its position in Targa Resources by 193.7% in the fourth quarter. Ashton Thomas Securities LLC now owns 3,145 shares of the pipeline company’s stock worth $560,000 after acquiring an additional 2,074 shares during the period. Finally, TD Asset Management Inc. boosted its stake in shares of Targa Resources by 568.7% during the 4th quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock worth $173,212,000 after acquiring an additional 825,267 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on TRGP shares. Royal Bank of Canada upped their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research note on Monday, March 3rd. Mizuho upped their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Barclays increased their target price on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday. Finally, US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average price target of $211.00.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $205.01 on Tuesday. The firm has a market cap of $44.71 billion, a price-to-earnings ratio of 35.72, a P/E/G ratio of 0.61 and a beta of 2.32. The firm has a fifty day moving average price of $199.93 and a 200 day moving average price of $183.75. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. As a group, sell-side analysts expect that Targa Resources Corp. will post 8.15 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, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Insiders Place Their Bets

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 in the last quarter. 1.39% of the stock is currently owned by insiders.

About Targa Resources

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.