Arizona State Retirement System Increases Position in Targa Resources Corp. (NYSE:TRGP)

Arizona State Retirement System lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,451 shares of the pipeline company’s stock after purchasing an additional 105 shares during the period. Arizona State Retirement System’s holdings in Targa Resources were worth $10,791,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources in the 3rd quarter valued at about $35,000. Aspect Partners LLC boosted its holdings in Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares during the last quarter. Rosenberg Matthew Hamilton boosted its holdings in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in Targa Resources in the 4th quarter worth about $49,000. Finally, Assetmark Inc. boosted its holdings in Targa Resources by 1,812.5% in the 4th quarter. Assetmark Inc. now owns 306 shares of the pipeline company’s stock worth $55,000 after buying an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the topic of several research analyst reports. The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays lifted their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Wells Fargo & Company lifted their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. UBS Group lifted their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Scotiabank lowered their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average price target of $206.43.

Targa Resources Trading Down 2.7 %

TRGP opened at $181.78 on Friday. Targa Resources Corp. has a one year low of $103.18 and a one year high of $218.51. The stock has a market capitalization of $39.65 billion, a PE ratio of 31.67, a P/E/G ratio of 0.61 and a beta of 2.29. The business’s 50 day moving average price is $198.68 and its 200 day moving average price is $179.43. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. As a group, equities research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last quarter. 1.39% of the stock is owned by company insiders.

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.