State Board of Administration of Florida Retirement System Raises Position in Targa Resources Corp. (NYSE:TRGP)

State Board of Administration of Florida Retirement System boosted its holdings in Targa Resources Corp. (NYSE:TRGPFree Report) by 0.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 239,745 shares of the pipeline company’s stock after buying an additional 1,739 shares during the period. State Board of Administration of Florida Retirement System owned 0.11% of Targa Resources worth $20,551,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. IFM Investors Pty Ltd grew its position in shares of Targa Resources by 37.2% during the second quarter. IFM Investors Pty Ltd now owns 68,815 shares of the pipeline company’s stock worth $5,237,000 after purchasing an additional 18,647 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Targa Resources by 4.7% in the third quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company’s stock worth $464,000 after buying an additional 244 shares in the last quarter. Pinebridge Investments L.P. lifted its holdings in shares of Targa Resources by 944.3% in the second quarter. Pinebridge Investments L.P. now owns 15,330 shares of the pipeline company’s stock worth $1,167,000 after buying an additional 13,862 shares in the last quarter. Cohen & Steers Inc. boosted its position in shares of Targa Resources by 38.9% during the second quarter. Cohen & Steers Inc. now owns 1,822,666 shares of the pipeline company’s stock worth $138,705,000 after acquiring an additional 509,994 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of Targa Resources by 24.0% during the third quarter. First Horizon Advisors Inc. now owns 1,922 shares of the pipeline company’s stock valued at $165,000 after purchasing an additional 372 shares in the last quarter. 90.21% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $87.09 on Friday. The company has a debt-to-equity ratio of 2.81, a quick ratio of 0.60 and a current ratio of 0.80. The firm has a market cap of $19.42 billion, a PE ratio of 22.80 and a beta of 2.18. The firm’s 50 day simple moving average is $85.60 and its 200-day simple moving average is $85.23. Targa Resources Corp. has a one year low of $64.85 and a one year high of $91.43.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Tuesday, January 30th. Targa Resources’s dividend payout ratio (DPR) is presently 52.36%.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $85.01, for a total transaction of $255,030.00. Following the transaction, the director now directly owns 116,524 shares in the company, valued at approximately $9,905,705.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. 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. Truist Financial lifted their price objective on shares of Targa Resources from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Finally, Barclays increased their price objective on shares of Targa Resources from $94.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 17th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $105.00.

Check Out Our Latest Stock Report on TRGP

Targa Resources Company Profile

(Free Report)

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.

Recommended Stories

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

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.