Retirement Systems of Alabama Has $7.69 Million Stock Position in Targa Resources, Inc. $TRGP

Retirement Systems of Alabama cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 78.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,905 shares of the pipeline company’s stock after selling 171,043 shares during the period. Retirement Systems of Alabama’s holdings in Targa Resources were worth $7,691,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank bought a new stake in shares of Targa Resources during the 2nd quarter worth $708,366,000. Mitsubishi UFJ Trust & Banking Corp grew its position in Targa Resources by 441.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock valued at $117,565,000 after acquiring an additional 550,591 shares during the last quarter. Franklin Resources Inc. raised its stake in Targa Resources by 306.6% during the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after acquiring an additional 453,460 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after acquiring an additional 375,939 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its stake in shares of Targa Resources by 290.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after purchasing an additional 374,768 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $201.54 on Friday. The stock has a market cap of $43.26 billion, a price-to-earnings ratio of 26.80, a P/E/G ratio of 0.86 and a beta of 0.87. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $211.87. The company’s fifty day moving average is $182.03 and its 200 day moving average is $170.02. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91.

Targa Resources (NYSE:TRGP) last announced its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a $1.00 dividend. The ex-dividend date is Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 2.0%. Targa Resources’s dividend payout ratio is presently 53.19%.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the sale, the insider directly owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $266.00 price objective on shares of Targa Resources in a research report on Wednesday. Royal Bank Of Canada upped their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. BMO Capital Markets increased their price target on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research note on Thursday, November 6th. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Finally, UBS Group reiterated a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.