Principal Financial Group Inc. Sells 22,847 Shares of Targa Resources, Inc. $TRGP

Key Points

• Principal Financial Group reduced its Targa Resources stake by 4.4%, selling 22,847 shares in the second quarter and retaining 492,448 shares valued at approximately $132 million. Institutional investors collectively own 92.13% of the company.
• Analysts remain broadly bullish on Targa Resources, with a consensus “Buy” rating and an average price target of $295.35. Recent targets range from $257 to $335.
• Targa reported quarterly earnings of $3.54 per share, exceeding the $2.83 consensus estimate, while revenue came in below expectations at $4.44 billion. The company also paid a quarterly dividend of $1.25 per share, representing a 1.8% annualized yield.

Principal Financial Group Inc. lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 492,448 shares of the pipeline company's stock after selling 22,847 shares during the period. Principal Financial Group Inc. owned 0.23% of Targa Resources worth $132,043,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter worth $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the 4th quarter valued at $30,000. Leonteq Securities AG bought a new position in Targa Resources in the 4th quarter worth $31,000. CoreCap Advisors LLC raised its holdings in Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after acquiring an additional 91 shares during the period. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources during the 4th quarter worth $37,000. Institutional investors own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent analyst reports. Citigroup restated a "buy" rating on shares of Targa Resources in a report on Wednesday, May 27th. Raymond James Financial set a $335.00 price objective on Targa Resources in a research report on Friday, August 7th. Scotiabank increased their target price on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. JPMorgan Chase & Co. raised their target price on Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Finally, Truist Financial lifted their price target on Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $295.35.

Targa Resources Stock Performance

NYSE:TRGP opened at $275.77 on Friday. The firm's 50-day moving average is $269.33 and its 200-day moving average is $250.72. The company has a market cap of $59.13 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share 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 business 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 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a dividend of $1.25 per share. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources's payout ratio is currently 47.80%.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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