Sumitomo Mitsui Trust Group Inc. Raises Stake in Targa Resources, Inc. $TRGP

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.3% in the second quarter, Holdings Channel reports. The firm owned 512,607 shares of the pipeline company’s stock after purchasing an additional 1,489 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Targa Resources were worth $89,235,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB grew its holdings in shares of Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock worth $22,526,000 after purchasing an additional 93,119 shares during the period. Bessemer Group Inc. lifted its position in Targa Resources by 25.1% during the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company’s stock worth $494,000 after acquiring an additional 495 shares in the last quarter. Allianz Asset Management GmbH lifted its position in Targa Resources by 34.2% during the 2nd quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock worth $221,104,000 after acquiring an additional 323,398 shares in the last quarter. Aberdeen Group plc lifted its position in Targa Resources by 17.6% during the 2nd quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock worth $30,563,000 after acquiring an additional 26,318 shares in the last quarter. Finally, OFI Invest Asset Management lifted its position in Targa Resources by 6.5% during the 2nd quarter. OFI Invest Asset Management now owns 243,628 shares of the pipeline company’s stock worth $42,411,000 after acquiring an additional 14,883 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $153.73 on Monday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 0.98 and a beta of 1.12. The business’s 50 day moving average is $162.29 and its two-hundred day moving average is $165.49.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources’s dividend payout ratio (DPR) is 56.58%.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. JPMorgan Chase & Co. boosted their price target on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Barclays boosted their price target on Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. TD Securities began coverage on Targa Resources in a research report on Monday, July 7th. They set a “hold” rating on the stock. TD Cowen began coverage on Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 price target on the stock. Finally, Wall Street Zen raised Targa Resources from a “hold” rating to a “buy” rating in a research report on Sunday, September 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.50.

About Targa Resources

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.