Targa Resources, Inc. $TRGP Stake Lessened by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 7.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 197,729 shares of the pipeline company’s stock after selling 16,867 shares during the period. Targa Resources accounts for approximately 0.8% of Maryland State Retirement & Pension System’s holdings, making the stock its 21st largest holding. Maryland State Retirement & Pension System’s holdings in Targa Resources were worth $53,448,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in TRGP. Tidal Investments LLC raised its holdings in Targa Resources by 238.0% in the second quarter. Tidal Investments LLC now owns 41,741 shares of the pipeline company’s stock valued at $11,192,000 after buying an additional 29,390 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Targa Resources during the second quarter worth approximately $100,442,000. Freedom Day Solutions LLC purchased a new stake in Targa Resources during the third quarter worth approximately $2,631,000. Nykredit A S purchased a new stake in Targa Resources during the second quarter worth approximately $33,314,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Targa Resources by 5.8% in the second quarter. Envestnet Asset Management Inc. now owns 756,768 shares of the pipeline company’s stock worth $202,920,000 after acquiring an additional 41,241 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Key Targa Resources News

Here’s some of the latest news about TRGP:

• Positive Sentiment: Targa’s Q3 earnings beat estimates, with record Permian volumes and higher fees supporting growth. The company also raised its full-year EBITDA outlook, signaling stronger expected performance. TRGP Q3 Earnings Beat on Permian Growth and Higher Fees
• Positive Sentiment: Morgan Stanley reiterated its Buy view and raised its price target to $362 from $359, while Scotiabank lifted its target to $325 from $319 and maintained an outperform rating—both signaling further potential upside in analysts’ assessments. Morgan Stanley price-target update Scotiabank price-target update
• Positive Sentiment: Wells Fargo’s analyst also expects the stock to rise, adding to the favorable analyst tone. Wells Fargo analyst outlook

Targa Resources Stock Performance

Targa Resources stock opened at $291.36 on Thursday. The firm has a market capitalization of $62.51 billion, a PE ratio of 25.78, a price-to-earnings-growth ratio of 1.15 and a beta of 0.76. Targa Resources, Inc. has a one year low of $166.18 and a one year high of $316.60. The stock’s 50 day moving average price is $288.65 and its 200 day moving average price is $262.71. The company has a debt-to-equity ratio of 4.87, a quick ratio of 0.66 and a current ratio of 0.74.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.30. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 11.55 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is 44.25%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRGP. Jefferies Financial Group cut their target price on shares of Targa Resources from $326.00 to $311.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Capital One Financial upped their price target on shares of Targa Resources from $310.00 to $335.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 22nd. Morgan Stanley increased their price target on Targa Resources from $359.00 to $362.00 and gave the company an “overweight” rating in a report on Tuesday. Truist Financial reiterated a “buy” rating and issued a $345.00 price target (up from $312.00) on shares of Targa Resources in a report on Monday, September 21st. Finally, Mizuho raised their price objective on Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, September 11th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the stock. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and an average price target of $326.37.

Insider Activity

In related news, Director Paul Chung sold 1,816 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director S Davis sold 2,400 shares of Targa Resources stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. This trade represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is currently owned by company insiders.

Targa Resources Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.