Public Sector Pension Investment Board Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Public Sector Pension Investment Board decreased its position in Targa Resources Corp. (NYSE:TRGP) by 0.8% during the 3rd quarter, Holdings Channel reports. The fund owned 38,194 shares of the pipeline company’s stock after selling 300 shares during the quarter. Public Sector Pension Investment Board’s holdings in Targa Resources were worth $5,653,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. grew its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new position in Targa Resources in the third quarter valued at about $35,000. Finally, Whittier Trust Co. acquired a new stake in shares of Targa Resources during the 2nd quarter valued at approximately $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TRGP. UBS Group raised their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. The Goldman Sachs Group raised their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Truist Financial raised their target price on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Wells Fargo & Company upped their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $176.50.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $204.30 on Monday. The business has a fifty day simple moving average of $174.40 and a 200-day simple moving average of $147.48. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $209.87. The company has a market cap of $44.55 billion, a P/E ratio of 36.94, a P/E/G ratio of 0.80 and a beta of 2.24. 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 (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating 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 company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company posted $0.97 EPS. Equities research analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Targa Resources 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.