Arizona State Retirement System Lowers Stake in Targa Resources, Inc. (NYSE:TRGP)

Arizona State Retirement System lowered its position in shares of Targa Resources, Inc. (NYSE:TRGPFree Report) by 0.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,908 shares of the pipeline company’s stock after selling 543 shares during the quarter. Arizona State Retirement System’s holdings in Targa Resources were worth $12,010,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TRGP. Norges Bank purchased a new position in Targa Resources during the fourth quarter valued at approximately $505,132,000. GQG Partners LLC purchased a new position in Targa Resources during the fourth quarter valued at approximately $393,335,000. Canada Pension Plan Investment Board lifted its holdings in Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock valued at $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock valued at $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Finally, TD Asset Management Inc. lifted its holdings in Targa Resources by 568.7% during the fourth quarter. TD Asset Management Inc. now owns 970,373 shares of the pipeline company’s stock valued at $173,212,000 after purchasing an additional 825,267 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.7%

TRGP stock opened at $171.89 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a twelve month low of $122.56 and a twelve month high of $218.51. The stock has a market capitalization of $37.29 billion, a price-to-earnings ratio of 31.66, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. The firm’s fifty day simple moving average is $166.55 and its two-hundred day simple moving average is $182.06.

Targa Resources (NYSE:TRGPGet Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. As a group, analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.33%. Targa Resources’s payout ratio is 73.66%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on TRGP shares. Citigroup reduced their price objective on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research report on Friday, May 9th. TD Cowen began coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a “hold” rating and a $192.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a report on Thursday. UBS Group lowered their target price on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a report on Thursday, May 15th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $209.57.

Get Our Latest Stock Analysis on Targa Resources

Targa Resources Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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