State of Alaska Department of Revenue Sells 2,225 Shares of Targa Resources Corp. (NYSE:TRGP)

State of Alaska Department of Revenue lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 5.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,829 shares of the pipeline company’s stock after selling 2,225 shares during the quarter. State of Alaska Department of Revenue’s holdings in Targa Resources were worth $4,235,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in Targa Resources by 71.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after purchasing an additional 428,276 shares during the last quarter. New Mexico Educational Retirement Board boosted its holdings in Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after acquiring an additional 33,900 shares during the last quarter. Register Financial Advisors LLC purchased a new position in Targa Resources during the 1st quarter worth $45,000. Chesley Taft & Associates LLC purchased a new position in Targa Resources during the 1st quarter worth $250,000. Finally, Visionary Horizons LLC boosted its holdings in Targa Resources by 13.7% during the 1st quarter. Visionary Horizons LLC now owns 5,382 shares of the pipeline company’s stock worth $617,000 after acquiring an additional 647 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $133.60 on Friday. The firm has a market cap of $29.62 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 0.79 and a beta of 2.27. Targa Resources Corp. has a fifty-two week low of $74.95 and a fifty-two week high of $133.78. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The business has a 50 day moving average price of $119.35 and a 200-day moving average price of $105.16.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. Equities research analysts predict that Targa Resources Corp. will post 5.27 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 61.73%.

Analyst Ratings Changes

TRGP has been the topic of a number of research analyst reports. Truist Financial boosted their price target on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Mizuho upped their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. UBS Group upped their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Royal Bank of Canada upped their target price on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Finally, Scotiabank upped their target price on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $131.08.

Insider Activity

In related news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the sale, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 52,691 shares of company stock valued at $6,197,632. 1.44% of the stock is currently owned by company insiders.

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.