New York State Teachers Retirement System Sells 4,577 Shares of Targa Resources, Inc. $TRGP

New York State Teachers Retirement System cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,170 shares of the pipeline company's stock after selling 4,577 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Targa Resources worth $30,474,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the 4th quarter valued at about $27,000. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources in the 3rd quarter valued at about $34,000. Root Financial Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at about $39,000. Eagle Bay Advisors LLC bought a new stake in shares of Targa Resources in the 4th quarter valued at about $42,000. Finally, Avion Wealth raised its holdings in shares of Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company's stock valued at $46,000 after purchasing an additional 228 shares during the period. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research analyst reports. Mizuho upped their target price on shares of Targa Resources from $207.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, March 19th. UBS Group upped their target price on shares of Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a report on Tuesday, March 24th. Royal Bank Of Canada upped their target price on shares of Targa Resources from $260.00 to $270.00 and gave the company an "outperform" rating in a report on Monday, April 13th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. Finally, Morgan Stanley upped their target price on shares of Targa Resources from $298.00 to $327.00 and gave the company an "overweight" rating in a report on Tuesday, April 7th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $259.93.

Targa Resources Stock Down 2.1%

Targa Resources stock opened at $254.56 on Friday. The stock has a market cap of $54.68 billion, a P/E ratio of 29.63, a P/E/G ratio of 1.68 and a beta of 0.75. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $260.49. The company's 50-day moving average price is $240.75 and its two-hundred day moving average price is $201.32.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, analysts expect that Targa Resources, Inc. will post 10.32 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 2.0%. This is an increase from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's payout ratio is currently 58.21%.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director directly owned 77,094 shares of the company's stock, valued at $17,677,654.20. This represents a 1.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the transaction, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is currently owned by insiders.

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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