Principal Financial Group Inc. Sells 67,807 Shares of Targa Resources Corp. (NYSE:TRGP)

Principal Financial Group Inc. trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 8.3% in the fourth quarter, HoldingsChannel reports. The firm owned 746,489 shares of the pipeline company’s stock after selling 67,807 shares during the quarter. Principal Financial Group Inc.’s holdings in Targa Resources were worth $133,263,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in TRGP. Wellington Management Group LLP grew its position in Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. National Bank of Canada FI grew its position in Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after purchasing an additional 259,776 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Targa Resources by 599.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after acquiring an additional 246,762 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Targa Resources by 14,163.5% in the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after acquiring an additional 202,822 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its stake in Targa Resources by 1,904.8% in the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock valued at $29,596,000 after acquiring an additional 189,984 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

NYSE TRGP opened at $209.29 on Wednesday. Targa Resources Corp. has a 1 year low of $95.28 and a 1 year high of $218.51. 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 $45.64 billion, a PE ratio of 37.85, a P/E/G ratio of 0.59 and a beta of 2.29. The company’s 50 day simple moving average is $194.24 and its two-hundred day simple moving average is $174.41.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.43%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Analyst Ratings Changes

A number of research firms have weighed in on TRGP. Barclays boosted their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Truist Financial dropped their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Finally, UBS Group upped their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $189.21.

Targa Resources 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.