Meiji Yasuda Asset Management Co Ltd. decreased its position in shares of Targa Resources Corp. (NYSE:TRGP)

VaselineSeptember 21, 2024

0 4 minutes read

Meiji Yasuda Asset Management Co Ltd. reduced its holdings in Targa Resources Corp. (NYSE:TRGP – Free Report) by 9.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,140 shares of the pipeline company’s stock after selling 450 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Targa Resources were worth $533,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of TRGP. UMB Bank Na boosted its holdings in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources during the second quarter valued at approximately $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources in the 1st quarter worth approximately $45,000. Quarry LP acquired a new position in shares of Targa Resources in the 4th quarter valued at approximately $50,000. Finally, Rogco LP acquired a new position in shares of Targa Resources in the first quarter valued at approximately $56,000. Institutional investors and hedge funds own 92.13% of the company’s shares.

Targa Resources trading up 0.4%

NYSE:TRGP opened at $152.86 on Friday. The company has a market cap of $33.89 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. Targa Resources Corp. it has a 52-week low of $77.97 and a 52-week high of $154.87. The stock has a fifty day simple moving average of $141.00 and a 200 day simple moving average of $125.28. The company has a quick ratio of 0.53, a current ratio of 0.65, and a debt-to-equity ratio of 2.98.

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Targa Resources (NYSE:TRGP – Get Your Free Report ) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. In the same quarter last year, the company earned $1.44 per share. On average, equities research analysts expect that Targa Resources Corp. to post 5.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents an annualized dividend of $3.00 and a yield of 1.96%. The ex-dividend date was Wednesday, July 31. Targa Resources’ payout ratio is 61.73%.

Insider trading at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the transaction, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The disclosure for this sale can be found here. Insiders have sold a total of 35,534 shares of company stock worth $4,788,590 over the last three months. 1.39% of shares are currently owned by insiders.

Analyst upgrades and downgrades

Several equities research analysts recently weighed in on TRGP shares. Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday. Barclays raised their target price on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. UBS Group raised their price objective on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Finally, Scotiabank increased their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Targa Resources has an average rating of “Buy” and an average price target of $141.77, according to MarketBeat.

Get the latest research report on TRGP

Targa Resources Company Profile

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments, Collection and Processing and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting and selling natural gas; storage, fractionation, treatment, transportation and sale of natural gas liquids (NGL) and NGL products, including services for LNG exporters; and gathering, storing, finishing, buying and selling crude oil.