Maryland State Retirement & Pension System Trims Stock Position in Targa Resources Corp. (NYSE:TRGP)

Maryland State Retirement & Pension System decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 191,423 shares of the pipeline company's stock after selling 6,118 shares during the quarter. Targa Resources accounts for about 0.7% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 25th biggest position. Maryland State Retirement & Pension System owned 0.09% of Targa Resources worth $34,169,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of TRGP. Oppenheimer & Co. Inc. boosted its holdings in shares of Targa Resources by 54.4% in the third quarter. Oppenheimer & Co. Inc. now owns 3,166 shares of the pipeline company's stock valued at $469,000 after purchasing an additional 1,116 shares during the period. Huntington National Bank lifted its holdings in Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company's stock worth $71,000 after buying an additional 89 shares during the period. Natixis Advisors LLC lifted its holdings in Targa Resources by 81.0% during the third quarter. Natixis Advisors LLC now owns 45,818 shares of the pipeline company's stock worth $6,782,000 after buying an additional 20,501 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Targa Resources by 51.1% during the third quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company's stock worth $2,087,000 after buying an additional 4,769 shares during the period. Finally, Caprock Group LLC lifted its holdings in Targa Resources by 4.9% during the third quarter. Caprock Group LLC now owns 16,461 shares of the pipeline company's stock worth $2,436,000 after buying an additional 770 shares during the period. Institutional investors own 92.13% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

A number of research firms have weighed in on TRGP. Royal Bank of Canada upped their target price on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a report on Monday, March 3rd. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. US Capital Advisors downgraded Targa Resources from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. Citigroup upped 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. Finally, Mizuho upped their price target on Targa Resources from $208.00 to $226.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $211.00.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. Insiders own 1.39% of the company's stock.

Targa Resources Price Performance

Targa Resources stock traded down $2.27 during midday trading on Friday, reaching $197.25. The company had a trading volume of 2,054,808 shares, compared to its average volume of 1,573,416. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm's fifty day simple moving average is $199.77 and its 200-day simple moving average is $183.11. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a market capitalization of $43.02 billion, a P/E ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share 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 business had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.48 billion. As a group, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. Targa Resources's dividend payout ratio is currently 52.26%.

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.