Arizona State Retirement System Has $10.88 Million Stake in Targa Resources, Inc. $TRGP

Key Points

• Arizona State Retirement System trimmed its stake in Targa Resources by 7.8% in Q4, selling 5,014 shares and leaving it with 58,970 shares valued at about $10.88 million.
• Company insiders have been net sellers — totaling 104,929 shares worth roughly $24.69 million over the past three months (including a 17,500‑share sale by D. Scott Pryor) while institutional investors own about 92.13% of the stock.
• Targa raised its quarterly dividend to $1.25 ($5.00 annual, ~2.1% yield), reported an EPS beat of $2.51 vs. $2.35, and maintains largely positive analyst coverage with an average target near $259.93.

Arizona State Retirement System trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,970 shares of the pipeline company's stock after selling 5,014 shares during the period. Arizona State Retirement System's holdings in Targa Resources were worth $10,880,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC lifted its holdings in Targa Resources by 30.9% during the 4th quarter. Turtle Creek Wealth Advisors LLC now owns 7,086 shares of the pipeline company's stock worth $1,307,000 after purchasing an additional 1,674 shares during the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in Targa Resources by 48.6% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 31,275 shares of the pipeline company's stock worth $5,785,000 after purchasing an additional 10,222 shares during the last quarter. United Asset Strategies Inc. acquired a new stake in Targa Resources during the 4th quarter worth approximately $693,000. M&T Bank Corp lifted its holdings in Targa Resources by 539.6% during the 4th quarter. M&T Bank Corp now owns 130,605 shares of the pipeline company's stock worth $24,097,000 after purchasing an additional 110,184 shares during the last quarter. Finally, Evergreen Capital Management LLC lifted its holdings in Targa Resources by 25.9% during the 4th quarter. Evergreen Capital Management LLC now owns 2,654 shares of the pipeline company's stock worth $490,000 after purchasing an additional 546 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares of the company's stock, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the firm's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director owned 77,094 shares of the company's stock, valued at $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 104,929 shares of company stock worth $24,692,134 over the last three months. 1.37% of the stock is owned by corporate insiders.

Targa Resources Trading Up 0.3%

Shares of TRGP stock opened at $240.65 on Friday. The firm has a market capitalization of $51.69 billion, a P/E ratio of 28.01, a P/E/G ratio of 1.55 and a beta of 0.81. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.87. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The stock's fifty day simple moving average is $238.75 and its 200 day simple moving average is $199.11.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be given a dividend of $1.25 per share. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 2.1%. This is an increase from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's dividend payout ratio is presently 58.21%.

Wall Street Analyst Weigh In

A number of research firms have commented on TRGP. Truist Financial raised their price objective on Targa Resources from $279.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Barclays raised their price objective on Targa Resources from $226.00 to $255.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 7th. BMO Capital Markets restated an "outperform" rating and set a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. TD Cowen raised their price objective on Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Finally, UBS Group lifted their price target on Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $259.93.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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