16,867 Targa Resources, Inc. $TRGP Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 7.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 197,729 shares of the pipeline company’s stock after selling 16,867 shares during the quarter. Targa Resources accounts for approximately 0.8% of Maryland State Retirement & Pension System’s portfolio, making the stock its 21st largest holding. Maryland State Retirement & Pension System owned 0.09% of Targa Resources worth $53,448,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. First Eagle Investment Management LLC lifted its position in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock valued at $27,000 after acquiring an additional 80 shares during the period. Jones Financial Companies Lllp purchased a new stake in shares of Targa Resources during the 2nd quarter worth approximately $32,000. Compass Financial Management LLC acquired a new stake in shares of Targa Resources in the 2nd quarter worth approximately $33,000. CoreCap Advisors LLC grew its holdings in shares of Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 91 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in shares of Targa Resources in the 2nd quarter worth approximately $35,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Key Targa Resources News

These are some of the TRGP news items that stood out recently:

• Positive Sentiment: Morgan Stanley reiterated its Buy view and raised its price target to $362 from $359, while Scotiabank lifted its target to $325 from $319 and maintained an outperform rating—both signaling further potential upside in analysts’ assessments. Morgan Stanley price-target update Scotiabank price-target update
• Positive Sentiment: Wells Fargo’s analyst also expects the stock to rise, adding to the favorable analyst tone. Wells Fargo analyst outlook
• Positive Sentiment: The earnings call was characterized as signaling durable growth, reinforcing the view that recent operating momentum may persist. Targa Resources earnings-call highlights

Insiders Place Their Bets

In other news, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the sale, the director directly owned 44,000 shares in the company, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TRGP. Capital One Financial lifted their price objective on Targa Resources from $310.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, September 22nd. Morgan Stanley boosted their target price on Targa Resources from $359.00 to $362.00 and gave the stock an “overweight” rating in a research report on Tuesday. Mizuho upped their target price on Targa Resources from $300.00 to $320.00 and gave the company an “outperform” rating in a report on Friday, September 11th. Truist Financial restated a “buy” rating and issued a $345.00 price target (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. Finally, Wolfe Research set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus target price of $326.37.

Targa Resources Stock Up 3.6%

TRGP stock opened at $291.36 on Thursday. The company’s 50 day simple moving average is $288.65 and its 200-day simple moving average is $262.71. The firm has a market capitalization of $62.51 billion, a PE ratio of 25.78, a P/E/G ratio of 1.15 and a beta of 0.76. Targa Resources, Inc. has a 12 month low of $166.18 and a 12 month high of $316.60. The company has a debt-to-equity ratio of 4.87, a current ratio of 0.74 and a quick ratio of 0.66.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.30. Targa Resources had a net margin of 13.45% and a return on equity of 68.83%. The business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Equities analysts expect that Targa Resources, Inc. will post 11.55 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s dividend payout ratio is 44.25%.

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets. The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.