Principal Financial Group Inc. Has $120.54 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

Principal Financial Group Inc. boosted its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 814,296 shares of the pipeline company's stock after purchasing an additional 22,621 shares during the period. Principal Financial Group Inc. owned about 0.37% of Targa Resources worth $120,540,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Buckley Wealth Management LLC grew its position in shares of Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company's stock worth $1,469,000 after buying an additional 65 shares in the last quarter. Coldstream Capital Management Inc. grew its position in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company's stock worth $1,153,000 after buying an additional 66 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company's stock worth $138,000 after acquiring an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its stake in Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company's stock valued at $321,000 after acquiring an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in Targa Resources by 1.0% in the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company's stock valued at $1,148,000 after acquiring an additional 89 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent analyst reports. UBS Group raised their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Truist Financial dropped their target price on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a research report on Friday, December 13th. The Goldman Sachs Group upped their target price on Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research report on Thursday. Argus raised Targa Resources to a "strong-buy" rating in a report on Tuesday, September 3rd. Finally, Wells Fargo & Company boosted their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an "overweight" rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $181.43.

Targa Resources Stock Up 2.5 %

TRGP stock opened at $176.79 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company's 50 day simple moving average is $183.60 and its 200-day simple moving average is $154.37. The firm has a market capitalization of $38.55 billion, a PE ratio of 31.97, a P/E/G ratio of 0.73 and a beta of 2.28. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period last year, the company earned $0.97 EPS. Equities analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.70%. The ex-dividend date was Thursday, October 31st. Targa Resources's payout ratio is currently 54.25%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred 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 in the company, valued at $15,793,393.07. The trade was a 26.55 % 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, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction 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 sale, the director now directly 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 disclosure for this sale can be found here. In the last three months, insiders sold 183,260 shares of company stock valued at $29,661,212. Company insiders own 1.39% of the company's stock.

Targa Resources Company 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.