Targa Resources, Inc. $TRGP Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in Targa Resources, Inc. (NYSE:TRGP) by 10.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 147,509 shares of the pipeline company’s stock after selling 17,661 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of Targa Resources worth $36,985,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Private Advisor Group LLC grew its position in Targa Resources by 1.6% in the 1st quarter. Private Advisor Group LLC now owns 11,643 shares of the pipeline company’s stock worth $2,919,000 after purchasing an additional 185 shares during the last quarter. Elevation Point Wealth Partners LLC increased its stake in shares of Targa Resources by 49.1% in the first quarter. Elevation Point Wealth Partners LLC now owns 6,432 shares of the pipeline company’s stock valued at $1,613,000 after purchasing an additional 2,117 shares during the period. Sound Income Strategies LLC raised its holdings in shares of Targa Resources by 668.0% during the first quarter. Sound Income Strategies LLC now owns 192 shares of the pipeline company’s stock valued at $47,000 after buying an additional 167 shares during the last quarter. Harrison Street Private Wealth LLC bought a new stake in shares of Targa Resources during the first quarter valued at approximately $4,476,000. Finally, Root Financial Partners LLC raised its holdings in shares of Targa Resources by 40.0% during the first quarter. Root Financial Partners LLC now owns 378 shares of the pipeline company’s stock valued at $95,000 after buying an additional 108 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TRGP. TD Cowen increased their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Scotiabank boosted their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Truist Financial increased their price target on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Finally, UBS Group raised their price target on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, March 24th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Trading Down 0.0%

Shares of NYSE:TRGP opened at $258.85 on Friday. The company has a 50 day moving average of $262.36 and a 200-day moving average of $231.94. The firm has a market cap of $55.56 billion, a P/E ratio of 26.17, a P/E/G ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is 50.56%.

About Targa Resources

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.