New York State Common Retirement Fund Sells 31,400 Shares of Targa Resources Corp. (NYSE:TRGP)

New York State Common Retirement Fund lessened its holdings in Targa Resources Corp. (NYSE:TRGP) by 19.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 132,765 shares of the pipeline company’s stock after selling 31,400 shares during the quarter. New York State Common Retirement Fund’s holdings in Targa Resources were worth $19,651,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE lifted its position in Targa Resources by 7.3% during the third quarter. US Bancorp DE now owns 24,037 shares of the pipeline company’s stock worth $3,558,000 after purchasing an additional 1,628 shares during the period. First Trust Direct Indexing L.P. lifted its position in Targa Resources by 2.8% during the third quarter. First Trust Direct Indexing L.P. now owns 8,595 shares of the pipeline company’s stock worth $1,272,000 after purchasing an additional 237 shares during the period. Creekmur Asset Management LLC lifted its position in Targa Resources by 332.6% during the third quarter. Creekmur Asset Management LLC now owns 6,269 shares of the pipeline company’s stock worth $928,000 after purchasing an additional 4,820 shares during the period. Fidelis Capital Partners LLC bought a new stake in Targa Resources during the third quarter worth about $208,000. Finally, abrdn plc lifted its position in Targa Resources by 6.9% during the third quarter. abrdn plc now owns 552,904 shares of the pipeline company’s stock worth $81,299,000 after purchasing an additional 35,919 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the sale, the chief accounting officer now directly owns 38,403 shares in the company, valued at approximately $5,165,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the transaction, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 174,321 shares of company stock worth $26,654,881 over the last ninety days. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $169.20 on Tuesday. The business’s 50 day simple moving average is $155.70 and its 200 day simple moving average is $136.39. Targa Resources Corp. has a one year low of $81.03 and a one year high of $169.92. The stock has a market capitalization of $37.07 billion, a PE ratio of 35.62, a PEG ratio of 1.29 and a beta of 2.24. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.77%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is presently 63.16%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TRGP. Barclays upped their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Royal Bank of Canada upped their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Finally, Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $152.79.

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.