Targa Resources, Inc. $TRGP Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 10.7% in the first quarter, Holdings Channel.com reports. The fund owned 147,509 shares of the pipeline company’s stock after selling 17,661 shares during the period. New York State Teachers Retirement System’s holdings in Targa Resources were worth $36,985,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TRGP. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources during the fourth quarter worth approximately $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new position in Targa Resources in the fourth quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. bought a new position in shares of Targa Resources in the fourth quarter valued at $37,000. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TRGP. Erste Group Bank started coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating for the company. Jefferies Financial Group began coverage on Targa Resources in a report on Thursday, June 18th. They issued a “buy” rating and a $314.00 target price on the stock. UBS Group boosted their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Wells Fargo & Company upped their target price on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Finally, Mizuho increased their price target on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $272.73.

Targa Resources Stock Down 0.0%

Shares of NYSE:TRGP opened at $258.85 on Friday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market cap of $55.56 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The firm has a 50 day simple moving average of $262.36 and a 200 day simple moving average of $231.94.

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

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio is currently 50.56%.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.37% of the stock is currently owned by company insiders.

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.