Sumitomo Mitsui Trust Group Inc. Boosts Position in Targa Resources Corp. (NYSE:TRGP)

Sumitomo Mitsui Trust Group Inc. increased its stake in Targa Resources Corp. (NYSE:TRGP) by 9.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 518,163 shares of the pipeline company’s stock after buying an additional 45,590 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Targa Resources worth $76,693,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. US Bancorp DE increased its position in Targa Resources by 5.6% during the 1st quarter. US Bancorp DE now owns 20,923 shares of the pipeline company’s stock valued at $2,343,000 after purchasing an additional 1,113 shares during the period. Bleakley Financial Group LLC increased its position in Targa Resources by 5.4% during the 1st quarter. Bleakley Financial Group LLC now owns 7,469 shares of the pipeline company’s stock valued at $836,000 after purchasing an additional 380 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Targa Resources by 5.5% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 20,618 shares of the pipeline company’s stock valued at $2,309,000 after purchasing an additional 1,066 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Targa Resources by 18.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 262,560 shares of the pipeline company’s stock valued at $29,404,000 after purchasing an additional 40,916 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new position in Targa Resources during the 1st quarter valued at about $315,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.8 %

TRGP stock opened at $191.55 on Friday. The firm has a 50 day moving average of $161.69 and a 200 day moving average of $139.86. The stock has a market capitalization of $41.77 billion, a PE ratio of 34.64, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $197.14.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the business posted $0.97 EPS. Sell-side analysts forecast that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Analyst Ratings Changes

A number of research analysts have commented on TRGP shares. Truist Financial raised their target price on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Wells Fargo & Company raised their target price on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $159.14.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.39% of the company’s stock.

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.