Maryland State Retirement & Pension System Raises Stake in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• The Maryland State Retirement & Pension System increased its stake in Targa Resources, Inc. by 1.9%, owning approximately $39.1 million worth of shares, making it the 21st largest holding in its portfolio.
• Targa Resources recently declared a quarterly dividend of $1.00, which represents a 2.5% dividend yield, marking a significant increase from its previous dividend of $0.12.
• Wall Street analysts have mostly rated Targa Resources as a "Buy," with a consensus target price of $209.86, reflecting positive sentiment despite recent price adjustments from various brokerage firms.

Maryland State Retirement & Pension System raised its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 195,045 shares of the pipeline company's stock after buying an additional 3,622 shares during the period. Targa Resources comprises about 0.9% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 21st biggest position. Maryland State Retirement & Pension System owned 0.09% of Targa Resources worth $39,101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Cornerstone Planning Group LLC increased its holdings in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at $31,000. Colonial Trust Co SC grew its holdings in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Targa Resources during the 4th quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. bought a new position in shares of Targa Resources during the 4th quarter valued at $32,000. Institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TRGP. TD Securities began coverage on shares of Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. Barclays increased their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. The Goldman Sachs Group reduced their target price on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Tuesday, July 15th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources presently has an average rating of "Buy" and an average price target of $208.79.

Targa Resources Trading Down 1.1%

Shares of NYSE:TRGP traded down $1.82 on Friday, hitting $165.07. The company had a trading volume of 2,023,021 shares, compared to its average volume of 1,403,008. The firm's 50-day simple moving average is $168.36 and its two-hundred day simple moving average is $178.36. Targa Resources, Inc. has a 1 year low of $135.16 and a 1 year high of $218.51. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The firm has a market capitalization of $35.81 billion, a price-to-earnings ratio of 23.35, a P/E/G ratio of 1.09 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 40.21%. The firm had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Equities analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $1.00 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 73.66%.

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.