Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas increased its stake in Targa Resources Corp. (NYSE:TRGP) by 231.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 71,119 shares of the pipeline company’s stock after purchasing an additional 49,680 shares during the quarter. Teacher Retirement System of Texas’ holdings in Targa Resources were worth $12,695,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Atala Financial Inc acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $31,000. Rakuten Securities Inc. grew its stake in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares in the last quarter. Aspect Partners LLC grew its stake in shares of Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after buying an additional 130 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $35,000. Finally, Rosenberg Matthew Hamilton grew its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $197.25 on Friday. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The firm has a market cap of $43.02 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a 50 day moving average of $199.77 and a 200-day moving average of $182.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. 1.39% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TRGP shares. Barclays increased their target price on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Royal Bank of Canada lifted their price objective on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Truist Financial lifted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, The Goldman Sachs Group lifted their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $211.00.

Targa Resources Company 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.