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

Teacher Retirement System of Texas grew its stake in Targa Resources Corp. (NYSE:TRGP) by 231.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,119 shares of the pipeline company’s stock after purchasing an additional 49,680 shares during the period. Teacher Retirement System of Texas’ holdings in Targa Resources were worth $12,695,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Morgan Stanley boosted their target price on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. The Goldman Sachs Group boosted their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Citigroup boosted their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, Barclays boosted their target price on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average price target of $211.00.

Targa Resources Stock Down 1.1 %

Shares of NYSE:TRGP opened at $197.25 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The stock’s fifty day simple moving average is $199.77 and its 200-day simple moving average is $182.87. The company has a market capitalization of $43.02 billion, a P/E ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32.

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

Targa Resources Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 1.52%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Insider Buying and Selling

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by company 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.