Louisiana State Employees Retirement System Sells 600 Shares of Targa Resources Corp. (NYSE:TRGP)

Louisiana State Employees Retirement System lowered its position in Targa Resources Corp. (NYSE:TRGP) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,700 shares of the pipeline company’s stock after selling 600 shares during the period. Louisiana State Employees Retirement System’s holdings in Targa Resources were worth $2,088,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. CWM LLC lifted its stake in shares of Targa Resources by 7.2% during the third quarter. CWM LLC now owns 5,358 shares of the pipeline company’s stock worth $793,000 after buying an additional 359 shares during the period. CX Institutional acquired a new position in Targa Resources in the third quarter valued at approximately $198,000. Creative Planning boosted its holdings in Targa Resources by 17.6% during the third quarter. Creative Planning now owns 43,783 shares of the pipeline company’s stock worth $6,480,000 after buying an additional 6,546 shares in the last quarter. Asset Dedication LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth about $192,000. Finally, Global Retirement Partners LLC grew its holdings in Targa Resources by 8.4% in the third quarter. Global Retirement Partners LLC now owns 31,148 shares of the pipeline company’s stock valued at $4,610,000 after purchasing an additional 2,419 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $205.51 on Friday. The company has a market cap of $44.81 billion, a price-to-earnings ratio of 37.16, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $88.50 and a 52 week high of $218.51. The company has a fifty day simple moving average of $193.65 and a two-hundred day simple moving average of $172.87.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Scotiabank began coverage on shares of Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Truist Financial lowered their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. The Goldman Sachs Group increased their price target on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Morgan Stanley upped their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company lifted their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has an average rating of “Buy” and an average price target of $189.21.

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.