11,419 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by Employees Retirement System of Texas

Employees Retirement System of Texas acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,419 shares of the pipeline company's stock, valued at approximately $20,383,000.

Several other institutional investors have also made changes to their positions in the business. MML Investors Services LLC boosted its stake in shares of Targa Resources by 65.1% in the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company's stock valued at $3,791,000 after purchasing an additional 10,100 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company's stock valued at $5,070,000 after purchasing an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC boosted its position in Targa Resources by 191.4% in the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company's stock valued at $1,476,000 after buying an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. bought a new stake in Targa Resources during the fourth quarter worth about $271,000. Finally, Segment Wealth Management LLC increased its holdings in shares of Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company's stock worth $9,876,000 after buying an additional 53,389 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

TRGP has been the topic of a number of research analyst reports. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Scotiabank lowered their target price on Targa Resources from $218.00 to $210.00 and set a "sector outperform" rating for the company in a research note on Thursday, March 6th. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Mizuho raised their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research report on Thursday, February 20th. Finally, Truist Financial upped their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average target price of $210.64.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.39% of the company's stock.

Targa Resources Trading Up 0.5 %

TRGP traded up $0.84 during midday trading on Friday, reaching $163.27. 2,758,741 shares of the company were exchanged, compared to its average volume of 1,723,134. The stock has a market capitalization of $35.52 billion, a P/E ratio of 28.44, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The stock's 50-day simple moving average is $192.02 and its 200 day simple moving average is $186.83. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 12th. Shareholders of record on Monday, April 28th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.29%. Targa Resources's dividend payout ratio is presently 52.26%.

Targa Resources 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.