Public Sector Pension Investment Board Decreases Holdings in Targa Resources Corp. (NYSE:TRGP)

Public Sector Pension Investment Board lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,194 shares of the pipeline company’s stock after selling 300 shares during the period. 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.

Other hedge funds have also made changes to their positions in the company. Caxton Associates LP purchased a new stake in shares of Targa Resources in the second quarter valued at approximately $2,323,000. Cetera Investment Advisers boosted its holdings in Targa Resources by 215.2% in the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock valued at $3,478,000 after purchasing an additional 21,200 shares during the last quarter. Braun Stacey Associates Inc. purchased a new stake in shares of Targa Resources in the 3rd quarter valued at approximately $11,042,000. Metis Global Partners LLC lifted its holdings in Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after acquiring an additional 2,890 shares during the last quarter. Finally, Prospera Financial Services Inc grew its position in Targa Resources by 73.3% in the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after acquiring an additional 5,067 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 1.4 %

Shares of Targa Resources stock opened at $204.30 on Monday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a 50 day moving average of $174.40 and a 200 day moving average of $147.48. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization 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.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the company posted $0.97 earnings per share. As a group, research analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last three months. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of research analyst reports. Truist Financial upped their price target on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, The Goldman Sachs Group boosted their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $176.50.

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.