Dai ichi Life Insurance Company Ltd Takes $1.27 Million Position in Targa Resources Corp. (NYSE:TRGP)

Dai ichi Life Insurance Company Ltd acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,629 shares of the pipeline company’s stock, valued at approximately $1,271,000.

Several other hedge funds have also bought and sold shares of TRGP. Franklin Resources Inc. grew its position in Targa Resources by 1.6% in the 4th quarter. Franklin Resources Inc. now owns 454,796 shares of the pipeline company’s stock worth $39,508,000 after purchasing an additional 6,952 shares during the period. Trexquant Investment LP raised its position in Targa Resources by 1,066.7% in the fourth quarter. Trexquant Investment LP now owns 45,606 shares of the pipeline company’s stock worth $3,962,000 after acquiring an additional 41,697 shares during the period. Corient Private Wealth LLC increased its stake in shares of Targa Resources by 22.8% in the 4th quarter. Corient Private Wealth LLC now owns 32,431 shares of the pipeline company’s stock worth $2,817,000 after purchasing an additional 6,026 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Targa Resources by 7.7% during the fourth quarter. Wells Fargo & Company MN now owns 252,689 shares of the pipeline company’s stock valued at $21,951,000 after purchasing an additional 18,152 shares during the period. Finally, Coldstream Capital Management Inc. lifted its position in shares of Targa Resources by 19.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 7,512 shares of the pipeline company’s stock valued at $653,000 after buying an additional 1,238 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.4 %

Shares of TRGP stock traded up $0.43 during trading hours on Friday, reaching $114.28. 928,756 shares of the stock were exchanged, compared to its average volume of 1,397,665. The firm has a market capitalization of $25.34 billion, a price-to-earnings ratio of 23.51, a price-to-earnings-growth ratio of 0.66 and a beta of 2.19. The company’s 50-day moving average price is $113.74 and its 200-day moving average price is $97.84. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $119.68. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). The company had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, equities analysts anticipate that Targa Resources Corp. will post 5.33 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.63%. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. In the last ninety days, insiders sold 42,691 shares of company stock worth $4,663,763. 1.39% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on TRGP. Scotiabank upped their price target on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. Truist Financial raised their price target on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada upped their price objective on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Barclays lifted their target price on Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Finally, Mizuho upped their price target on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $121.50.

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.