Resona Asset Management Co. Ltd. Purchases Shares of 69,467 Targa Resources Corp. (NYSE:TRGP)

Resona Asset Management Co. Ltd. acquired a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 69,467 shares of the pipeline company's stock, valued at approximately $12,389,000.

Several other hedge funds also recently bought and sold shares of the company. Prudential PLC raised its stake in Targa Resources by 170.0% during the 4th quarter. Prudential PLC now owns 7,106 shares of the pipeline company's stock worth $1,268,000 after buying an additional 4,474 shares during the period. ExodusPoint Capital Management LP increased its holdings in shares of Targa Resources by 8.3% in the fourth quarter. ExodusPoint Capital Management LP now owns 177,036 shares of the pipeline company's stock worth $31,601,000 after acquiring an additional 13,549 shares in the last quarter. World Investment Advisors acquired a new stake in shares of Targa Resources during the fourth quarter worth about $288,000. Creekmur Asset Management LLC lifted its holdings in shares of Targa Resources by 10.8% during the 4th quarter. Creekmur Asset Management LLC now owns 6,946 shares of the pipeline company's stock valued at $1,240,000 after purchasing an additional 677 shares in the last quarter. Finally, Huntington National Bank grew its position in shares of Targa Resources by 16.5% in the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after purchasing an additional 79 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TRGP shares. US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Scotiabank reduced their price target on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. Finally, Truist Financial boosted their price target on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $210.64.

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Targa Resources Stock Performance

Shares of NYSE TRGP traded down $1.81 during trading hours on Friday, reaching $160.62. 742,186 shares of the stock were exchanged, compared to its average volume of 1,717,138. The stock's fifty day simple moving average is $192.75 and its 200 day simple moving average is $186.77. The firm has a market capitalization of $34.95 billion, a price-to-earnings ratio of 28.00, a P/E/G ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 52 week low of $110.09 and a 52 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 - Get Free Report) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Sell-side analysts predict that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.30%. Targa Resources's payout ratio is presently 52.26%.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the company's 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 sale, the chief executive officer now owns 725,628 shares of the company's stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by company 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.