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

Public Employees Retirement System of Ohio lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 9.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,216 shares of the pipeline company’s stock after selling 12,017 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Targa Resources were worth $12,231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of TRGP. Massmutual Trust Co. FSB ADV grew its holdings in Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 93 shares during the period. Gulf International Bank UK Ltd grew its holdings in Targa Resources by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after purchasing an additional 100 shares during the period. Global Retirement Partners LLC grew its holdings in Targa Resources by 0.5% in the first quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock worth $2,745,000 after purchasing an additional 116 shares during the period. Greenleaf Trust grew its holdings in Targa Resources by 2.2% in the first quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock worth $673,000 after purchasing an additional 128 shares during the period. Finally, Banque Cantonale Vaudoise grew its holdings in Targa Resources by 0.6% in the first quarter. Banque Cantonale Vaudoise now owns 31,515 shares of the pipeline company’s stock worth $3,530,000 after purchasing an additional 178 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the transaction, the insider now directly owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The disclosure for this sale can be found here. Insiders sold a total of 52,691 shares of company stock valued at $6,197,632 over the last three months. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

TRGP stock traded up $1.51 during midday trading on Monday, reaching $133.08. 811,430 shares of the company’s stock traded hands, compared to its average volume of 1,588,202. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $138.28. The stock has a market cap of $29.51 billion, a P/E ratio of 27.18, a PEG ratio of 0.70 and a beta of 2.27. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The stock’s 50-day moving average is $125.67 and its 200 day moving average is $110.82.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. As a group, analysts anticipate that Targa Resources Corp. will post 5.38 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.25%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Truist Financial upped their price objective on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Mizuho upped their target price on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Royal Bank of Canada upped their target price on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.15.

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.