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

California Public Employees Retirement System lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 3.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 409,681 shares of the pipeline company’s stock after selling 14,377 shares during the quarter. California Public Employees Retirement System owned about 0.18% of Targa Resources worth $35,589,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TRGP. Deutsche Bank AG lifted its stake in Targa Resources by 200.4% in the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Truist Financial Corp increased its stake in shares of Targa Resources by 11,513.7% in the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after acquiring an additional 630,949 shares during the period. Morgan Stanley increased its stake in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares during the period. abrdn plc increased its stake in shares of Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock worth $42,125,000 after acquiring an additional 431,156 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Targa Resources by 5.1% in the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after acquiring an additional 401,144 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on TRGP. Truist Financial increased their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Stifel Nicolaus lifted their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Mizuho lifted their price objective on 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 reduced their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.55.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,966 shares of company stock worth $7,987,215. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $116.86 on Friday. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.87. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The company has a 50 day moving average price of $108.36 and a 200 day moving average price of $93.91. The stock has a market capitalization of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Equities research analysts forecast that Targa Resources Corp. will post 5.71 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.57%. The ex-dividend date is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

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.