Maryland State Retirement & Pension System boosted its holdings in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 6.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,423 shares of the pipeline company’s stock after acquiring an additional 1,038 shares during the period. Maryland State Retirement & Pension System’s holdings in Targa Resources were worth $1,315,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in TRGP. BlackRock Inc. raised its holdings in shares of Targa Resources by 7.3% during the fourth quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company’s stock valued at $1,147,183,000 after buying an additional 1,499,300 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Targa Resources by 324.0% during the fourth quarter. First Trust Advisors LP now owns 1,205,000 shares of the pipeline company’s stock valued at $62,949,000 after acquiring an additional 920,818 shares during the period. Wellington Management Group LLP increased its stake in shares of Targa Resources by 230.5% during the third quarter. Wellington Management Group LLP now owns 954,374 shares of the pipeline company’s stock valued at $46,966,000 after acquiring an additional 665,585 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Targa Resources by 87.3% during the fourth quarter. Point72 Asset Management L.P. now owns 1,343,363 shares of the pipeline company’s stock valued at $70,177,000 after acquiring an additional 625,975 shares during the period. Finally, Fractal Investments LLC acquired a new position in Targa Resources in the fourth quarter worth approximately $22,406,000. 91.93% of the stock is currently owned by institutional investors.
TRGP has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on shares of Targa Resources to $83.00 and set an “overweight” rating on the stock in a research report on Friday, May 20th. StockNews.com cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Thursday, May 19th. Raymond James lifted their price objective on shares of Targa Resources from $80.00 to $92.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, April 20th. Truist Financial lifted their price objective on shares of Targa Resources from $69.00 to $78.00 in a research report on Wednesday, March 2nd. Finally, TheStreet lowered shares of Targa Resources from a “b-” rating to a “c” rating in a research note on Thursday, March 3rd. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $77.00.
Shares of TRGP opened at $60.02 on Thursday. The company has a market capitalization of $13.68 billion, a PE ratio of -103.48 and a beta of 2.53. Targa Resources Corp. has a one year low of $38.81 and a one year high of $81.50. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.65 and a quick ratio of 0.62. The company’s fifty day moving average price is $72.28 and its 200 day moving average price is $65.54.
Targa Resources (NYSE:TRGP – Get Rating) last posted its quarterly earnings data on Thursday, May 5th. The pipeline company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.83). Targa Resources had a positive return on equity of 8.24% and a negative net margin of 0.22%. The company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $6.07 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. Analysts anticipate that Targa Resources Corp. will post 4.02 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, May 16th. Investors of record on Friday, April 29th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.33%. Targa Resources’s payout ratio is currently -241.38%.
Targa Resources Company Profile (Get Rating)
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 Transportation. The company engages 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, purchasing, storing, terminaling, and selling crude oil.
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