11,419 Shares in Targa Resources Corp. (NYSE:TRGP) Acquired by Employees Retirement System of Texas

Employees Retirement System of Texas bought a new position in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 11,419 shares of the pipeline company’s stock, valued at approximately $20,383,000.

Several other hedge funds have also recently made changes to their positions in TRGP. Polymer Capital Management US LLC bought a new stake in Targa Resources in the 4th quarter valued at about $717,000. Federated Hermes Inc. increased its stake in shares of Targa Resources by 83.8% in the fourth quarter. Federated Hermes Inc. now owns 462,659 shares of the pipeline company’s stock worth $82,584,000 after purchasing an additional 210,943 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Targa Resources in the fourth quarter valued at approximately $740,000. Russell Investments Group Ltd. lifted its stake in shares of Targa Resources by 19.9% during the 4th quarter. Russell Investments Group Ltd. now owns 717,585 shares of the pipeline company’s stock valued at $128,075,000 after buying an additional 119,181 shares in the last quarter. Finally, Mizuho Bank Ltd. bought a new position in Targa Resources in the 4th quarter worth approximately $36,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 11.1 %

Shares of Targa Resources stock opened at $160.64 on Monday. 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 Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company’s 50 day moving average price is $197.03 and its 200-day moving average price is $186.74. The stock has a market capitalization of $34.95 billion, a price-to-earnings ratio of 27.99, a P/E/G ratio of 0.61 and a beta of 1.75.

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

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.87%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TRGP shares. Truist Financial boosted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Citigroup raised their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Royal Bank of Canada upped their price target on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. Finally, Mizuho raised their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $211.00.

Insider Activity at Targa Resources

In other news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 over the last quarter. 1.39% of the stock is owned by corporate insiders.

About Targa Resources

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.