Maryland State Retirement & Pension System Acquires 3,981 Shares of Targa Resources, Inc. $TRGP

Maryland State Retirement & Pension System increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 209,915 shares of the pipeline company’s stock after buying an additional 3,981 shares during the period. Targa Resources accounts for approximately 0.7% of Maryland State Retirement & Pension System’s holdings, making the stock its 25th biggest holding. Maryland State Retirement & Pension System owned about 0.10% of Targa Resources worth $35,169,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources during the third quarter valued at approximately $34,000. Avion Wealth boosted its position in Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares during the last quarter. First Horizon Corp acquired a new stake in shares of Targa Resources in the 3rd quarter valued at $47,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources in the 2nd quarter valued at $53,000. Finally, Carolina Wealth Advisors LLC bought a new stake in shares of Targa Resources during the third quarter worth $58,000. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Stifel Nicolaus set a $213.00 price target on Targa Resources in a report on Thursday, November 6th. BMO Capital Markets lifted their price target on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research report on Thursday, November 6th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Finally, Scotiabank reissued an “outperform” rating and issued a $224.00 price target on shares of Targa Resources in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $213.14.

Insider Buying and Selling at Targa Resources

In other news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider directly owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is owned by corporate insiders.

Targa Resources Price Performance

Shares of TRGP stock opened at $185.46 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51. The firm has a fifty day moving average of $178.03 and a 200-day moving average of $168.75. The firm has a market capitalization of $39.81 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 0.90 and a beta of 0.87.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 2.2%. Targa Resources’s payout ratio is presently 53.19%.

Targa Resources 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.