Sumitomo Mitsui Trust Group Inc. Sells 28,762 Shares of Targa Resources, Inc. $TRGP

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in Targa Resources by 5.6%, selling 28,762 shares and now holds 486,520 shares (about 0.23% of the company) worth roughly $89.8 million.
• Targa beat quarterly EPS estimates ($2.51 vs. $2.35) though revenue slightly missed, pays a $1.00 quarterly dividend (annualized $4.00, ~1.7% yield), and shows high leverage (debt-to-equity 5.21).
• Insiders sold 104,929 shares last quarter (including sizable sales by senior executives) even as analysts have raised price targets and the consensus rating is a Moderate Buy with a $258.07 average target.

Sumitomo Mitsui Trust Group Inc. cut its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 486,520 shares of the pipeline company's stock after selling 28,762 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Targa Resources worth $89,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $27,000. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources during the third quarter valued at approximately $34,000. Root Financial Partners LLC bought a new stake in Targa Resources in the 3rd quarter worth approximately $39,000. Avion Wealth grew its position in Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company's stock worth $46,000 after purchasing an additional 228 shares during the period. Finally, First Horizon Corp bought a new stake in Targa Resources in the 3rd quarter worth approximately $47,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Down 1.2%

Shares of Targa Resources stock opened at $240.14 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $253.87. The firm has a market capitalization of $51.58 billion, a price-to-earnings ratio of 27.96, a PEG ratio of 1.57 and a beta of 0.81. The firm's 50 day simple moving average is $234.53 and its two-hundred day simple moving average is $194.86.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. Analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources's dividend payout ratio (DPR) is presently 46.57%.

Insider Buying and Selling at Targa Resources

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Jennifer R. Kneale sold 29,509 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the transaction, the president directly owned 235,260 shares in the company, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 104,929 shares of company stock valued at $24,692,134. Insiders own 1.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Targa Resources from $298.00 to $327.00 and gave the company an "overweight" rating in a research report on Tuesday, April 7th. UBS Group lifted their target price on shares of Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Royal Bank Of Canada boosted their price target on shares of Targa Resources from $260.00 to $270.00 and gave the stock an "outperform" rating in a research note on Monday. BMO Capital Markets restated an "outperform" rating and set a $241.00 target price on shares of Targa Resources in a research report on Friday, February 20th. Finally, Truist Financial upped their target price on shares of Targa Resources from $279.00 to $285.00 and gave the company a "buy" rating in a research report on Monday. Fourteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $258.07.

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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