Principal Financial Group Inc. Sells 67,807 Shares of Targa Resources Corp. (NYSE:TRGP)

Principal Financial Group Inc. cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 8.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 746,489 shares of the pipeline company's stock after selling 67,807 shares during the period. Principal Financial Group Inc. owned 0.34% of Targa Resources worth $133,263,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP grew its stake in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. Geode Capital Management LLC boosted its holdings in Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company's stock worth $843,680,000 after buying an additional 97,583 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Targa Resources by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock worth $197,076,000 after buying an additional 14,287 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Targa Resources by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,257,613 shares of the pipeline company's stock valued at $186,139,000 after acquiring an additional 96,268 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after acquiring an additional 168,602 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 1.9 %

Shares of TRGP traded down $3.81 during mid-day trading on Friday, hitting $200.89. 2,760,117 shares of the company's stock were exchanged, compared to its average volume of 1,514,856. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 52 week low of $95.88 and a 52 week high of $218.51. The company has a market cap of $43.81 billion, a PE ratio of 36.33, a P/E/G ratio of 0.62 and a beta of 2.29. The company has a 50-day simple moving average of $195.58 and a 200 day simple moving average of $175.41.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. On average, research analysts forecast that Targa Resources Corp. will post 6.36 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date was Friday, January 31st. Targa Resources's dividend payout ratio is currently 54.25%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TRGP. Truist Financial lowered their target price on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, December 13th. Royal Bank of Canada upped their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. US Capital Advisors lowered Targa Resources from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 26th. Mizuho increased their price target on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Barclays raised their price target on Targa Resources from $171.00 to $204.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $197.21.

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.