Targa Resources, Inc. $TRGP Position Reduced by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Targa Resources, Inc. by 10.4%, now holding 68,226 shares worth approximately $13.68 million.
• Targa Resources recently raised its quarterly dividend to $1.00 per share, representing an annual yield of 2.4% and a payout ratio of 56.58%.
• Analysts have issued new price targets for Targa Resources, with Wells Fargo setting a new target at $205.00 and JPMorgan raising theirs to $209.00, reflecting a generally favorable outlook.

State of New Jersey Common Pension Fund D decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 68,226 shares of the pipeline company's stock after selling 7,877 shares during the period. State of New Jersey Common Pension Fund D's holdings in Targa Resources were worth $13,677,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of TRGP. Townsquare Capital LLC increased its position in Targa Resources by 57.2% during the fourth quarter. Townsquare Capital LLC now owns 3,495 shares of the pipeline company's stock worth $624,000 after purchasing an additional 1,272 shares during the last quarter. CreativeOne Wealth LLC purchased a new stake in Targa Resources during the fourth quarter worth approximately $443,000. Marshall Wace LLP grew its stake in Targa Resources by 165.6% during the fourth quarter. Marshall Wace LLP now owns 64,675 shares of the pipeline company's stock worth $11,544,000 after buying an additional 40,326 shares during the period. First Trust Advisors LP grew its stake in Targa Resources by 54.6% during the fourth quarter. First Trust Advisors LP now owns 196,172 shares of the pipeline company's stock worth $35,017,000 after buying an additional 69,266 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in Targa Resources by 98.5% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 62,466 shares of the pipeline company's stock worth $11,150,000 after buying an additional 30,993 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 0.5%

Shares of TRGP stock traded down $0.8920 on Thursday, hitting $161.9780. The stock had a trading volume of 1,564,374 shares, compared to its average volume of 1,866,302. The firm has a market capitalization of $34.86 billion, a price-to-earnings ratio of 22.91, a P/E/G ratio of 1.01 and a beta of 1.12. The stock's 50 day moving average is $168.30 and its 200-day moving average is $176.13. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 52-week low of $142.11 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a dividend of $1.00 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. Targa Resources's payout ratio is currently 56.58%.

Wall Street Analyst Weigh In

TRGP has been the subject of several research reports. Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Citigroup decreased their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Royal Bank Of Canada upped their target price on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $209.21.

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.