State Board of Administration of Florida Retirement System increased its position in Targa Resources Corp (NYSE:TRGP) by 6.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 303,194 shares of the pipeline company’s stock after acquiring an additional 18,766 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.13% of Targa Resources worth $10,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Cohen & Steers Inc. raised its stake in shares of Targa Resources by 1,113.0% during the 3rd quarter. Cohen & Steers Inc. now owns 1,882,318 shares of the pipeline company’s stock valued at $105,993,000 after buying an additional 1,727,135 shares during the last quarter. FMR LLC raised its stake in shares of Targa Resources by 1,086.3% during the 3rd quarter. FMR LLC now owns 1,070,122 shares of the pipeline company’s stock valued at $60,259,000 after buying an additional 979,915 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Targa Resources by 4.5% in the 3rd quarter. Vanguard Group Inc now owns 20,089,479 shares of the pipeline company’s stock valued at $1,131,238,000 after purchasing an additional 860,247 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Targa Resources by 1,779.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 720,976 shares of the pipeline company’s stock valued at $40,598,000 after purchasing an additional 682,623 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Targa Resources by 17.7% in the 3rd quarter. Jennison Associates LLC now owns 3,591,035 shares of the pipeline company’s stock valued at $202,211,000 after purchasing an additional 540,140 shares in the last quarter. Institutional investors own 93.12% of the company’s stock.

Several equities analysts recently weighed in on the company. Seaport Global Securities upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Tuesday, January 29th. Evercore ISI assumed coverage on Targa Resources in a research note on Tuesday, February 5th. They issued a $46.00 price target for the company. Bank of America upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Thursday, October 25th. They noted that the move was a valuation call. Raymond James lifted their price objective on Targa Resources from $58.00 to $64.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 17th. Finally, Credit Suisse Group upgraded Targa Resources from a “neutral” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, January 9th. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $56.29.

Shares of Targa Resources stock opened at $42.50 on Tuesday. The company has a market cap of $9.78 billion, a PE ratio of -98.84 and a beta of 2.08. Targa Resources Corp has a 1-year low of $33.55 and a 1-year high of $59.21. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.68.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Thursday, January 31st will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a dividend yield of 8.56%. The ex-dividend date is Wednesday, January 30th. Targa Resources’s dividend payout ratio is currently -846.51%.

In other news, Director Chris Tong purchased 2,200 shares of Targa Resources stock in a transaction dated Friday, November 16th. The shares were purchased at an average price of $47.00 per share, with a total value of $103,400.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.76% of the company’s stock.

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Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages in gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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

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