New York State Common Retirement Fund Has $15.49 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

New York State Common Retirement Fund lowered its holdings in Targa Resources Corp. (NYSE:TRGP) by 12.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 178,300 shares of the pipeline company’s stock after selling 25,884 shares during the quarter. New York State Common Retirement Fund owned 0.08% of Targa Resources worth $15,489,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its holdings in shares of Targa Resources by 200.4% in the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the last quarter. Truist Financial Corp raised its stake in shares of Targa Resources by 11,513.7% in the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock valued at $54,555,000 after acquiring an additional 630,949 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Targa Resources by 16.1% in 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. abrdn plc grew its position in Targa Resources by 802.0% during the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock worth $42,125,000 after acquiring an additional 431,156 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after purchasing an additional 401,144 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. Royal Bank of Canada boosted their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research note on Monday, February 26th. UBS Group lowered their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Citigroup upped their target price on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. The Goldman Sachs Group raised their price target on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, Stifel Nicolaus upped their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $119.55.

Targa Resources Stock Up 0.3 %

NYSE:TRGP opened at $117.19 on Tuesday. The stock’s fifty day simple moving average is $108.77 and its 200-day simple moving average is $94.27. The firm has a market capitalization of $26.08 billion, a P/E ratio of 31.93 and a beta of 2.21. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $117.87.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Equities research analysts expect that Targa Resources Corp. will post 5.8 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.75 dividend. 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. This represents a $3.00 annualized dividend and a yield of 2.56%. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

Insider Activity

In related news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the sale, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the sale, the insider now owns 156,098 shares in the company, valued at $15,141,506. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 in the last quarter. Company insiders own 1.44% of the company’s stock.

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.