Resona Asset Management Co. Ltd. Sells 1,896 Shares of Targa Resources, Inc. $TRGP

Resona Asset Management Co. Ltd. lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,170 shares of the pipeline company’s stock after selling 1,896 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Targa Resources were worth $12,570,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TRGP. Woodline Partners LP raised its stake in shares of Targa Resources by 40.7% in the first quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares during the last quarter. Focus Partners Wealth raised its stake in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after acquiring an additional 2,404 shares during the last quarter. Baird Financial Group Inc. raised its position in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after purchasing an additional 219 shares during the last quarter. Brown Advisory Inc. raised its position in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after purchasing an additional 524 shares during the last quarter. Finally, Cerity Partners LLC raised its position in Targa Resources by 11.0% in the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after purchasing an additional 3,163 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares of the company’s stock, valued at approximately $7,311,246.96. The trade was a 35.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This represents a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 115,531 shares of company stock worth $27,405,821. Corporate insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of several research analyst reports. Scotiabank boosted their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Barclays boosted their price objective on shares of Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research report on Thursday, May 14th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $281.00 price objective on shares of Targa Resources in a research report on Tuesday, May 12th. Fourteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $266.36.

Targa Resources Price Performance

TRGP opened at $270.47 on Thursday. The company has a fifty day moving average price of $247.02 and a two-hundred day moving average price of $211.33. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The firm has a market capitalization of $58.05 billion, a PE ratio of 27.35, a P/E/G ratio of 1.73 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, analysts anticipate that Targa Resources, Inc. will post 10.66 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

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.