State of Alaska Department of Revenue Has $5.41 Million Stock Holdings in Targa Resources, Inc. $TRGP

State of Alaska Department of Revenue cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,054 shares of the pipeline company’s stock after selling 1,175 shares during the quarter. State of Alaska Department of Revenue’s holdings in Targa Resources were worth $5,405,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in TRGP. Cornerstone Planning Group LLC boosted its holdings in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 110 shares during the period. Disciplina Capital Management LLC acquired a new stake in shares of Targa Resources during the 1st quarter valued at $46,000. Olde Wealth Management LLC acquired a new stake in Targa Resources during the first quarter valued at $52,000. ST Germain D J Co. Inc. acquired a new stake in Targa Resources during the first quarter valued at $60,000. Finally, Wolff Wiese Magana LLC boosted its position in Targa Resources by 376.2% during the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock valued at $60,000 after purchasing an additional 237 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 1.5%

TRGP opened at $174.36 on Monday. The business has a 50 day moving average price of $165.34 and a 200 day moving average price of $169.96. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a twelve month low of $144.30 and a twelve month high of $218.51. The firm has a market cap of $37.52 billion, a P/E ratio of 24.66, a price-to-earnings-growth ratio of 1.03 and a beta of 1.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s payout ratio is presently 56.58%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on TRGP shares. Barclays lifted their price objective on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Mizuho reduced their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Finally, Royal Bank Of Canada lifted their target price on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $207.27.

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.