State of Alaska Department of Revenue Has $5.63 Million Stock Position in Targa Resources Corp. (NYSE:TRGP)

State of Alaska Department of Revenue cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 11.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 31,539 shares of the pipeline company’s stock after selling 3,890 shares during the quarter. State of Alaska Department of Revenue’s holdings in Targa Resources were worth $5,628,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the period. National Bank of Canada FI raised its position in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after acquiring an additional 259,776 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after purchasing an additional 246,762 shares during the period. International Assets Investment Management LLC boosted its position in shares of Targa Resources by 14,163.5% in the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after purchasing an additional 202,822 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock worth $29,596,000 after purchasing an additional 189,984 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.2 %

NYSE:TRGP opened at $201.30 on Friday. The stock has a 50-day simple moving average of $193.13 and a 200 day simple moving average of $170.46. Targa Resources Corp. has a 52-week low of $86.56 and a 52-week high of $218.51. The company has a market cap of $43.90 billion, a PE ratio of 36.40, a PEG ratio of 0.59 and a beta of 2.29. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the business earned $0.97 EPS. On average, sell-side analysts expect that Targa Resources Corp. will post 6.41 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.75 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources’s payout ratio is currently 54.25%.

Analysts Set New Price Targets

Several research firms have weighed in on TRGP. Scotiabank assumed coverage on Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Barclays upped their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $189.21.

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.