Public Employees Retirement Association of Colorado Sells 674 Shares of Targa Resources Corp. (NYSE:TRGP)

Public Employees Retirement Association of Colorado lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 268,363 shares of the pipeline company’s stock after selling 674 shares during the period. Public Employees Retirement Association of Colorado owned 0.12% of Targa Resources worth $34,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blackstone Inc. lifted its position in shares of Targa Resources by 60.4% during the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares during the last quarter. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $187,123,000. Price T Rowe Associates Inc. MD increased its holdings in Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after buying an additional 962,073 shares during the period. American Century Companies Inc. increased its holdings in Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after buying an additional 557,832 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Targa Resources by 71.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after purchasing an additional 428,276 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at approximately $5,165,203.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,534 shares of company stock valued at $4,788,590. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Down 0.0 %

TRGP stock opened at $152.14 on Friday. The stock has a market cap of $33.33 billion, a PE ratio of 31.30, a price-to-earnings-growth ratio of 1.19 and a beta of 2.26. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The firm’s 50-day simple moving average is $140.64 and its 200 day simple moving average is $124.92. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $154.87.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter last year, the firm posted $1.44 EPS. As a group, sell-side analysts predict that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is presently 61.73%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on TRGP shares. Wells Fargo & Company increased their target price on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Truist Financial raised their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Barclays raised their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Royal Bank of Canada raised their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. lifted their price target 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. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $141.77.

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.