New York State Common Retirement Fund Reduces Stake in Targa Resources Corp. (NYSE:TRGP)

New York State Common Retirement Fund cut its stake in Targa Resources Corp. (NYSE:TRGP) by 4.1% in the fourth quarter, Holdings Channel reports. The fund owned 127,265 shares of the pipeline company’s stock after selling 5,500 shares during the period. New York State Common Retirement Fund’s holdings in Targa Resources were worth $22,717,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TRGP. DT Investment Partners LLC acquired a new stake in Targa Resources during the third quarter worth about $29,000. Prospera Private Wealth LLC purchased a new stake in shares of Targa Resources in the 3rd quarter valued at approximately $35,000. Rosenberg Matthew Hamilton increased its holdings in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $49,000. Finally, UMB Bank n.a. lifted its holdings in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on TRGP. UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday. Barclays lifted their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Finally, Truist Financial decreased their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $203.77.

Targa Resources Trading Down 1.9 %

NYSE TRGP opened at $200.89 on Friday. Targa Resources Corp. has a 52 week low of $95.88 and a 52 week high of $218.51. The firm has a 50 day moving average of $195.58 and a two-hundred day moving average of $175.41. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $43.81 billion, a PE ratio of 36.33, a price-to-earnings-growth ratio of 0.62 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts expect that Targa Resources Corp. will post 6.36 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.

Targa Resources Profile

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. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved 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, storing, terminaling, purchasing, and selling crude oil.