Targa Resources, Inc. $TRGP Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 6.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 515,295 shares of the pipeline company’s stock after selling 33,044 shares during the quarter. Principal Financial Group Inc.’s holdings in Targa Resources were worth $129,200,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Olistico Wealth LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at about $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG purchased a new position in Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources in the fourth quarter valued at approximately $37,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on TRGP shares. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Morgan Stanley raised their price target on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Finally, Wells Fargo & Company lifted their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $284.27.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $277.90 on Thursday. The firm has a market cap of $59.65 billion, a PE ratio of 28.10, a PEG ratio of 1.44 and a beta of 0.71. The firm has a fifty day moving average of $266.56 and a 200 day moving average of $237.57. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $282.80.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, research analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

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.