Targa Resources, Inc. $TRGP Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 4.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 428,795 shares of the pipeline company’s stock after buying an additional 19,363 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Targa Resources were worth $71,840,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Woodline Partners LP increased its position in shares of Targa Resources by 40.7% in the 1st 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 period. Focus Partners Wealth lifted its position in Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after acquiring an additional 2,404 shares during the period. Brighton Jones LLC grew its stake in Targa Resources by 15.3% during the 2nd quarter. Brighton Jones LLC now owns 2,310 shares of the pipeline company’s stock valued at $402,000 after purchasing an additional 307 shares during the last quarter. Howard Capital Management Inc. increased its holdings in shares of Targa Resources by 23.8% in the second quarter. Howard Capital Management Inc. now owns 1,609 shares of the pipeline company’s stock valued at $280,000 after purchasing an additional 309 shares during the period. Finally, Arkadios Wealth Advisors increased its holdings in shares of Targa Resources by 13.1% in the second quarter. Arkadios Wealth Advisors now owns 1,248 shares of the pipeline company’s stock valued at $217,000 after purchasing an additional 145 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the transaction, the insider owned 31,938 shares in the company, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares in the company, valued at approximately $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 51,553 shares of company stock worth $11,707,455. 1.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Citigroup lifted their target price on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Company raised their price target on shares of Targa Resources from $207.00 to $248.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Stifel Nicolaus boosted their target price on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $238.50.

Targa Resources Price Performance

NYSE:TRGP opened at $235.55 on Friday. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The company has a 50 day moving average price of $199.75 and a 200-day moving average price of $177.83. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $237.50. The firm has a market cap of $50.63 billion, a price-to-earnings ratio of 27.42, a price-to-earnings-growth ratio of 0.99 and a beta of 0.88.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio is presently 46.57%.

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.