Sumitomo Mitsui Trust Group Inc. Boosts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Sumitomo Mitsui Trust Group Inc. grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 9.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 518,163 shares of the pipeline company’s stock after buying an additional 45,590 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Targa Resources were worth $76,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the 2nd quarter worth $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the 3rd quarter worth $29,000. UMB Bank n.a. increased its holdings in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources in the 2nd quarter worth $44,000. Finally, EdgeRock Capital LLC acquired a new stake in Targa Resources during the 2nd quarter worth $69,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Down 0.8 %

NYSE TRGP opened at $191.55 on Friday. The firm’s 50-day moving average is $161.69 and its two-hundred day moving average is $139.86. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $197.14. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market capitalization of $41.77 billion, a P/E ratio of 34.64, a PEG ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. On average, sell-side 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 paid 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 1.57%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last three months. Company insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. The Goldman Sachs Group lifted their target price 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. Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday. 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, November 5th. Finally, Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $159.14.

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.