Retirement Systems of Alabama Sells 2,332 Shares of Targa Resources, Inc. (NYSE:TRGP)

Retirement Systems of Alabama lessened its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,280 shares of the pipeline company's stock after selling 2,332 shares during the period. Retirement Systems of Alabama owned 0.10% of Targa Resources worth $44,160,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of TRGP. Vanguard Group Inc. grew its holdings in Targa Resources by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after acquiring an additional 150,038 shares during the period. Geode Capital Management LLC grew its holdings in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after acquiring an additional 212,986 shares during the period. Norges Bank acquired a new stake in Targa Resources during the 4th quarter worth $505,132,000. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after acquiring an additional 53,853 shares during the period. Finally, GQG Partners LLC acquired a new stake in Targa Resources during the 4th quarter worth $393,335,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Down 0.2%

TRGP opened at $169.35 on Friday. The stock has a market capitalization of $36.74 billion, a P/E ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 1.07. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The firm's fifty day simple moving average is $166.15 and its 200 day simple moving average is $183.45. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. As a group, research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRGP. Morgan Stanley boosted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Royal Bank Of Canada decreased their price target on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Truist Financial boosted their price target 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. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Barclays decreased their price target on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a report on Tuesday, May 20th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $199.07.

Targa Resources Company Profile

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.

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