Retirement Systems of Alabama Has $36.67 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Retirement Systems of Alabama reduced its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 247,769 shares of the pipeline company's stock after selling 19,295 shares during the period. Retirement Systems of Alabama owned 0.11% of Targa Resources worth $36,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Wellington Management Group LLP boosted its position 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 valued at $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company's stock worth $843,680,000 after buying an additional 97,583 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock worth $296,647,000 after buying an additional 271,444 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock worth $197,076,000 after buying an additional 14,287 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Targa Resources by 19.5% in the third quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after buying an additional 168,602 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on TRGP shares. Bank of America assumed coverage on Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 target price on the stock. Morgan Stanley boosted their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a report on Friday, October 25th. Truist Financial decreased their target price on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating for the company in a report on Friday. Wells Fargo & Company boosted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Finally, Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of "Buy" and a consensus target price of $176.14.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 183,260 shares of company stock worth $29,661,212 over the last three months. Corporate insiders own 1.39% of the company's stock.

Targa Resources Stock Down 0.5 %

Shares of Targa Resources stock traded down $0.95 during trading on Friday, hitting $184.62. 996,896 shares of the stock traded hands, compared to its average volume of 1,649,767. The stock has a market cap of $40.26 billion, a P/E ratio of 33.39, a PEG ratio of 0.74 and a beta of 2.28. The company has a fifty day moving average price of $182.05 and a two-hundred day moving average price of $152.25. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. 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 posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Equities research analysts predict that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.62%. The ex-dividend date was Thursday, October 31st. Targa Resources's payout ratio is 54.25%.

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.