Nippon Life Global Investors Americas Inc. Acquires 4,170 Shares of Targa Resources, Inc. $TRGP

Nippon Life Global Investors Americas Inc. grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 39.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,760 shares of the pipeline company’s stock after buying an additional 4,170 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Targa Resources were worth $3,958,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Global Retirement Partners LLC acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $7,872,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Targa Resources by 18.5% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 562,038 shares of the pipeline company’s stock valued at $150,705,000 after acquiring an additional 87,722 shares during the period. Meridian Wealth Management LLC lifted its holdings in Targa Resources by 7.2% during the 2nd quarter. Meridian Wealth Management LLC now owns 1,087 shares of the pipeline company’s stock valued at $291,000 after purchasing an additional 73 shares during the last quarter. Mosaic Family Wealth Partners LLC lifted its holdings in Targa Resources by 3.2% during the 2nd quarter. Mosaic Family Wealth Partners LLC now owns 3,004 shares of the pipeline company’s stock valued at $806,000 after purchasing an additional 94 shares during the last quarter. Finally, AlTi Global Inc. bought a new position in Targa Resources during the second quarter worth $17,121,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $275.77 on Monday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a market cap of $59.13 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 1.43 and a beta of 0.72. The stock’s fifty day moving average price is $269.33 and its two-hundred day moving average price is $251.13. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04.

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

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Wall Street Analyst Weigh In

TRGP has been the topic of several research reports. 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. Wells Fargo & Company raised their target price on shares of Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. TD Cowen lifted their target price on shares of Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a report on Friday, August 7th. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a research note on Friday, August 7th. Finally, Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $295.35.

Targa Resources Company 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.