Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 814,296 shares of the pipeline company's stock after acquiring an additional 22,621 shares during the quarter. Principal Financial Group Inc. owned approximately 0.37% of Targa Resources worth $120,540,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter worth $29,000. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter worth $29,000. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter worth $44,000. Finally, Rogco LP acquired a new stake in Targa Resources during the 1st quarter worth $56,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 2.4 %

TRGP traded up $4.49 on Friday, hitting $192.28. The company had a trading volume of 2,372,731 shares, compared to its average volume of 1,655,778. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05. The firm has a market cap of $41.93 billion, a P/E ratio of 34.77, a PEG ratio of 1.44 and a beta of 2.24. The company's fifty day moving average price is $158.92 and its 200 day moving average price is $138.09. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $192.63.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm earned $0.97 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 5.96 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.56%. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Targa Resources from $150.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday. Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $153.00 to $172.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Finally, Scotiabank boosted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 17th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of "Buy" and a consensus target price of $157.21.

Insiders Place Their Bets

In related 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 transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Robert Muraro sold 2,500 shares of the company's 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 sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 directly owns 110,470 shares of the company's stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 157,764 shares of company stock worth $24,421,590 over the last three months. Company insiders own 1.39% of the company's stock.

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.