Nomura Asset Management Co. Ltd. Has $13.97 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Nomura Asset Management Co. Ltd. lifted its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 25.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,411 shares of the pipeline company's stock after acquiring an additional 18,921 shares during the period. Nomura Asset Management Co. Ltd.'s holdings in Targa Resources were worth $13,974,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources in the second quarter worth about $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at $29,000. UMB Bank n.a. boosted its stake in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources during the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. acquired a new stake in shares of Targa Resources during the 2nd quarter worth about $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TRGP shares. UBS Group upped their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Truist Financial upped their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target for the company. Wells Fargo & Company upped their price objective on Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Finally, Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus target price of $176.50.

Insider Activity

In other news, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company's stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock valued at $29,661,212 in the last quarter. Company insiders own 1.44% of the company's stock.

Targa Resources Trading Down 0.4 %

NYSE:TRGP traded down $0.71 during mid-day trading on Thursday, hitting $185.57. The company had a trading volume of 1,222,798 shares, compared to its average volume of 1,652,488. 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 Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The firm has a market cap of $40.47 billion, a P/E ratio of 33.56, a P/E/G ratio of 0.77 and a beta of 2.28. The business's fifty day moving average is $180.92 and its two-hundred day moving average is $151.53.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the prior year, the business posted $0.97 EPS. As a group, research analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.62%. Targa Resources's dividend payout ratio is 54.25%.

Targa Resources Profile

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.