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% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 746,489 shares of the pipeline company’s stock after selling 67,807 shares during the quarter. Principal Financial Group Inc. owned 0.34% of Targa Resources worth $133,263,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. DT Investment Partners LLC bought a new stake in shares of Targa Resources during the third quarter worth $29,000. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources during the third quarter worth $35,000. Rosenberg Matthew Hamilton grew its stake in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Targa Resources during the fourth quarter worth $49,000. Finally, UMB Bank n.a. grew its stake in shares of Targa Resources by 39.6% during the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after buying an additional 106 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Up 1.9 %

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 current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $45.64 billion, a P/E ratio of 37.85, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29. The company has a fifty day moving average price of $194.24 and a two-hundred day moving average price of $174.41.

Targa Resources Dividend Announcement

The business also recently declared 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 (DPR) is currently 54.25%.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research reports. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. UBS Group boosted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Stifel Nicolaus lifted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Scotiabank assumed coverage on shares of Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $189.21.

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.