State Street Corp Has $2.12 Billion Stake in Targa Resources Corp. (NYSE:TRGP)

State Street Corp trimmed its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,348,136 shares of the pipeline company's stock after selling 295,725 shares during the quarter. State Street Corp owned approximately 6.58% of Targa Resources worth $2,123,668,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock worth $296,647,000 after acquiring an additional 271,444 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Targa Resources by 1.1% during the third 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 valued at $197,076,000 after buying an additional 14,287 shares in the last quarter. Merewether Investment Management LP grew its holdings in shares of Targa Resources by 14.4% during the third quarter. Merewether Investment Management LP now owns 855,593 shares of the pipeline company's stock valued at $126,636,000 after buying an additional 107,900 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company's stock valued at $108,010,000 after buying an additional 46,864 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Targa Resources by 2.9% during the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company's stock valued at $120,540,000 after buying an additional 22,621 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TRGP. Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They set a "buy" rating and a $182.00 price target on the stock. Barclays raised their price target on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 15th. Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. The Goldman Sachs Group increased their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Finally, Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. One investment 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $176.50.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction dated 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 transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 183,260 shares of company stock worth $29,661,212. Corporate insiders own 1.39% of the company's stock.

Targa Resources Stock Performance

NYSE TRGP traded down $4.16 during midday trading on Friday, hitting $194.17. The company had a trading volume of 402,897 shares, compared to its average volume of 1,647,273. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $42.34 billion, a price-to-earnings ratio of 35.86, a P/E/G ratio of 0.78 and a beta of 2.28. The firm has a fifty day simple moving average of $177.83 and a two-hundred day simple moving average of $149.27. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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. 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 last year, the business posted $0.97 EPS. Equities analysts forecast that Targa Resources Corp. will post 6.28 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.55%. Targa Resources's dividend payout ratio (DPR) is currently 54.25%.

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.