Maryland State Retirement & Pension System Acquires 1,863 Shares of Targa Resources Corp. (NYSE:TRGP)

Maryland State Retirement & Pension System lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 0.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 204,563 shares of the pipeline company’s stock after purchasing an additional 1,863 shares during the period. Maryland State Retirement & Pension System’s holdings in Targa Resources were worth $17,770,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its holdings in shares of Targa Resources by 36.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 150 shares during the period. HB Wealth Management LLC lifted its stake in Targa Resources by 3.3% in the 4th quarter. HB Wealth Management LLC now owns 4,970 shares of the pipeline company’s stock valued at $432,000 after purchasing an additional 160 shares during the last quarter. Ieq Capital LLC lifted its stake in Targa Resources by 3.1% in the 3rd quarter. Ieq Capital LLC now owns 5,687 shares of the pipeline company’s stock valued at $487,000 after purchasing an additional 171 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in Targa Resources by 4.9% in the 4th quarter. Meeder Advisory Services Inc. now owns 4,084 shares of the pipeline company’s stock valued at $355,000 after purchasing an additional 192 shares during the last quarter. Finally, VisionPoint Advisory Group LLC lifted its stake in Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 209 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 0.2 %

NYSE:TRGP traded down $0.20 during midday trading on Tuesday, reaching $112.60. 499,382 shares of the stock traded hands, compared to its average volume of 1,720,062. The company has a fifty day moving average of $110.33 and a 200 day moving average of $95.16. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The stock has a market capitalization of $24.97 billion, a P/E ratio of 23.21 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The business had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. On average, research analysts predict that Targa Resources Corp. will post 5.72 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 61.73%.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total transaction of $973,100.00. Following the transaction, the insider now directly owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock worth $7,987,215 in the last quarter. Company insiders own 1.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TRGP shares. Barclays raised their price target on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Truist Financial lifted their target price on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Mizuho lifted their target price on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Scotiabank lifted their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus lifted their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.92.

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.