Principal Financial Group Inc. Sells 33,044 Shares of Targa Resources, Inc. $TRGP

Key Points

• Principal Financial Group reduced its Targa Resources stake by 6.0% in the first quarter, selling 33,044 shares and leaving it with 515,295 shares worth about $129.2 million.
• Several other major institutional investors also adjusted positions, and hedge funds and institutions now own 92.13% of Targa Resources’ stock.
• Targa Resources reported mixed quarterly results, missing EPS and revenue estimates, while analysts remain generally bullish with a Moderate Buy consensus and a price target of $284.27.

Principal Financial Group Inc. lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 515,295 shares of the pipeline company's stock after selling 33,044 shares during the quarter. Principal Financial Group Inc. owned about 0.24% of Targa Resources worth $129,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after buying an additional 162,878 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after buying an additional 45,495 shares during the last quarter. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter worth approximately $735,758,000. Tortoise Capital Advisors L.L.C. raised its stake in shares of Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after acquiring an additional 572,562 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.37% of the company's stock.

Targa Resources Trading Down 1.3%

NYSE TRGP opened at $277.90 on Thursday. The company has a fifty day simple moving average of $266.56 and a two-hundred day simple moving average of $237.57. The stock has a market cap of $59.65 billion, a P/E ratio of 28.10, a P/E/G ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $282.80. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to analysts' expectations of $4.68 billion. On average, analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

TRGP has been the topic of several analyst reports. Seaport Research Partners reaffirmed a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. Jefferies Financial Group initiated coverage on Targa Resources in a research report on Thursday, June 18th. They issued a "buy" rating and a $314.00 price objective for the company. UBS Group restated a "buy" rating and set a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Finally, TD Cowen upped their target price on Targa Resources from $236.00 to $245.00 and gave the company a "hold" rating in a research report on Monday, May 11th. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $284.27.

About Targa Resources

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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