Public Employees Retirement System of Ohio Decreases Position in Targa Resources Corp. (NYSE:TRGP)

Public Employees Retirement System of Ohio reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 9.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96,096 shares of the pipeline company’s stock after selling 9,932 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Targa Resources were worth $14,223,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Targa Resources by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after acquiring an additional 14,287 shares during the period. Merewether Investment Management LP boosted its position in shares of Targa Resources by 14.4% in the 3rd quarter. Merewether Investment Management LP now owns 855,593 shares of the pipeline company’s stock worth $126,636,000 after purchasing an additional 107,900 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after acquiring an additional 46,864 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.9 %

TRGP stock opened at $185.34 on Wednesday. The firm has a fifty day moving average price of $179.56 and a 200 day moving average price of $150.78. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The firm has a market cap of $40.42 billion, a PE ratio of 33.52, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm posted $0.97 EPS. Sell-side analysts anticipate that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Wall Street Analyst Weigh In

TRGP has been the subject of several analyst reports. UBS Group raised their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Truist Financial lifted their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Barclays lifted their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Stifel Nicolaus increased their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price of $176.50.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 183,260 shares of company stock worth $29,661,212. 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.