Targa Resources Corp. (NYSE:TRGP) Stock Holdings Reduced by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lowered its position in Targa Resources Corp. (NYSE:TRGP) by 3.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,423 shares of the pipeline company’s stock after selling 6,118 shares during the quarter. Targa Resources makes up approximately 0.7% of Maryland State Retirement & Pension System’s holdings, making the stock its 25th biggest position. Maryland State Retirement & Pension System owned about 0.09% of Targa Resources worth $34,169,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TRGP. Raymond James Financial Inc. bought a new stake in shares of Targa Resources during the 4th quarter worth about $150,372,000. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 4.4% during 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 acquiring an additional 633,589 shares in the last quarter. Amundi boosted its stake in shares of Targa Resources by 20.9% during the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after acquiring an additional 318,261 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after acquiring an additional 259,776 shares in the last quarter. Finally, Allianz Asset Management GmbH boosted its stake in shares of Targa Resources by 40.0% during the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after acquiring an additional 254,286 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Mizuho boosted their price objective on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Citigroup boosted their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and an average target price of $210.50.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now owns 227,269 shares in the company, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 1.3 %

Targa Resources stock opened at $194.05 on Wednesday. The business has a 50 day moving average price of $199.40 and a two-hundred day moving average price of $182.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $42.32 billion, a price-to-earnings ratio of 33.81, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12 month low of $107.31 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.55%. Targa Resources’s payout ratio is presently 52.26%.

Targa Resources Company 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.