Targa Resources, Inc. $TRGP Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 435,300 shares of the pipeline company’s stock after selling 15,815 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.20% of Targa Resources worth $117,666,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Tidal Investments LLC raised its holdings in shares of Targa Resources by 238.0% during the second quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock valued at $11,192,000 after acquiring an additional 29,390 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Targa Resources in the second quarter valued at approximately $100,442,000. Freedom Day Solutions LLC acquired a new stake in shares of Targa Resources in the third quarter worth approximately $2,631,000. Nykredit A S acquired a new stake in shares of Targa Resources in the second quarter worth approximately $33,314,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Targa Resources by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 756,768 shares of the pipeline company’s stock worth $202,920,000 after acquiring an additional 41,241 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In other Targa Resources news, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares of the company’s stock, valued at $13,028,840. This trade represents a 3.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 7,216 shares of company stock valued at $2,127,634 in the last three months. 1.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on TRGP shares. Mizuho boosted their price target on Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, September 11th. Capital One Financial raised their price objective on Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Barclays lifted their target price on shares of Targa Resources from $284.00 to $294.00 and gave the stock an “overweight” rating in a research note on Thursday, October 8th. Royal Bank Of Canada upped their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $319.00 target price on shares of Targa Resources in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $325.47.

Targa Resources Price Performance

TRGP stock opened at $294.42 on Tuesday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The business has a 50 day simple moving average of $290.23 and a 200-day simple moving average of $259.43. The firm has a market capitalization of $63.13 billion, a PE ratio of 28.15, a price-to-earnings-growth ratio of 1.26 and a beta of 0.80. Targa Resources, Inc. has a 1 year low of $151.78 and a 1 year high of $316.60.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The firm had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 11.42 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s dividend payout ratio is presently 47.80%.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.