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

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 518,163 shares of the pipeline company's stock after acquiring an additional 45,590 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Targa Resources worth $76,693,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Buckley Wealth Management LLC lifted its stake in Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company's stock worth $1,469,000 after purchasing an additional 65 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in shares of Targa Resources by 9.8% in the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company's stock worth $138,000 after buying an additional 83 shares in the last quarter. Fifth Third Bancorp boosted its stake in Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company's stock valued at $1,148,000 after buying an additional 89 shares during the period. Catalina Capital Group LLC grew its holdings in shares of Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company's stock worth $392,000 after purchasing an additional 99 shares in the last quarter. Finally, Valley Brook Capital Group Inc. raised its position in shares of Targa Resources by 4.5% during the 3rd quarter. Valley Brook Capital Group Inc. now owns 2,300 shares of the pipeline company's stock valued at $340,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP traded up $4.47 during mid-day trading on Friday, hitting $196.04. 1,269,294 shares of the company traded hands, compared to its average volume of 1,648,823. The stock has a market cap of $42.75 billion, a price-to-earnings ratio of 35.31, a P/E/G ratio of 0.77 and a beta of 2.24. The stock has a 50-day moving average price of $162.53 and a two-hundred day moving average price of $140.22. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $197.14. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the business earned $0.97 EPS. Equities analysts anticipate that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Dividend Announcement

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 issued a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. Targa Resources's dividend payout ratio is presently 54.25%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company upped their target price on Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Argus upgraded shares of Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. Truist Financial upped their target price on Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Friday. The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research note on Thursday, September 19th. Finally, UBS Group increased their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a report on Friday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average price target of $169.79.

Insider Buying and Selling at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated 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 transaction, the insider now directly owns 82,979 shares of the company's stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 in the last three months. 1.39% of the stock is currently owned by corporate insiders.

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.