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

Maryland State Retirement & Pension System raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 204,563 shares of the pipeline company’s stock after acquiring an additional 1,863 shares during the period. Maryland State Retirement & Pension System owned approximately 0.09% of Targa Resources worth $17,770,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of Targa Resources by 4.7% during the 3rd quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after purchasing an additional 244 shares in the last quarter. Morgan Stanley boosted its position in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Quadrature Capital Ltd boosted its position in shares of Targa Resources by 364.0% during the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock worth $7,615,000 after acquiring an additional 69,690 shares in the last quarter. Spirit of America Management Corp NY boosted its position in shares of Targa Resources by 21.6% during the 4th quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company’s stock worth $4,995,000 after acquiring an additional 10,200 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Targa Resources by 32.8% during the 3rd quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company’s stock worth $1,543,000 after acquiring an additional 4,447 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2 %

Shares of TRGP stock traded down $0.20 during mid-day trading on Tuesday, hitting $112.60. 499,382 shares of the stock traded hands, compared to its average volume of 1,720,062. The stock’s fifty day moving average is $110.33 and its two-hundred day moving average is $95.16. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.87. The stock has a market cap of $24.97 billion, a P/E ratio of 23.21 and a beta of 2.19.

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

Targa Resources Increases Dividend

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

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Targa Resources news, CFO Jennifer R. Kneale sold 26,061 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total value of $2,537,298.96. Following the sale, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares in the company, valued at $7,012,769.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 81,966 shares of company stock worth $7,987,215. Company insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. UBS Group dropped their price target on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday. 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. Royal Bank of Canada lifted their price target on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, Scotiabank lifted their price target on shares of Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.92.

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.