Maryland State Retirement & Pension System Increases Holdings in Targa Resources, Inc. $TRGP

Maryland State Retirement & Pension System lifted its position in Targa Resources, Inc. (NYSE:TRGP) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 212,921 shares of the pipeline company’s stock after purchasing an additional 3,006 shares during the period. Targa Resources accounts for about 0.8% of Maryland State Retirement & Pension System’s investment portfolio, making the stock its 24th biggest position. Maryland State Retirement & Pension System owned approximately 0.10% of Targa Resources worth $39,284,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Hantz Financial Services Inc. boosted its holdings in shares of Targa Resources by 10.5% in the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after purchasing an additional 50 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after buying an additional 51 shares during the period. First Horizon Corp lifted its holdings in Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock worth $63,000 after buying an additional 57 shares during the period. Larson Financial Group LLC lifted its holdings in Targa Resources by 4.1% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock worth $253,000 after buying an additional 60 shares during the period. Finally, Equitable Holdings Inc. lifted its holdings in Targa Resources by 3.6% during the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock worth $287,000 after buying an additional 60 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of analyst reports. UBS Group upped their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Scotiabank upped their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Wells Fargo & Company upped their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, Citigroup restated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Fifteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.21.

Targa Resources Stock Performance

Shares of TRGP stock opened at $259.62 on Wednesday. The business’s fifty day simple moving average is $256.08 and its 200-day simple moving average is $224.49. The company has a market cap of $55.72 billion, a PE ratio of 26.25, a PEG ratio of 1.34 and a beta of 0.72. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts expect that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources’s payout ratio is currently 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.