Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 6,762 Shares of Targa Resources Corp. (NYSE:TRGP)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in shares of Targa Resources Corp. (NYSE:TRGP) by 1.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 360,304 shares of the pipeline company’s stock after selling 6,762 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Targa Resources were worth $64,314,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TRGP. Raymond James Financial Inc. bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $150,372,000. Wellington Management Group LLP increased its position in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares during the period. Amundi raised its holdings in Targa Resources by 20.9% in the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after purchasing an additional 318,261 shares in the last quarter. National Bank of Canada FI boosted its stake in shares of Targa Resources by 75.4% during the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after purchasing an additional 259,776 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in shares of Targa Resources by 40.0% during the fourth quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock valued at $158,957,000 after buying an additional 254,286 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Morgan Stanley raised their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Truist Financial upped their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup raised their price objective on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, Barclays upped their target price on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. 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. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus price target of $210.50.

Targa Resources Trading Up 2.4 %

NYSE:TRGP opened at $198.90 on Thursday. The stock has a market cap of $43.38 billion, a price-to-earnings ratio of 34.65, a PEG ratio of 0.61 and a beta of 2.32. 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’s 50 day moving average price is $199.54 and its 200-day moving average price is $182.41. Targa Resources Corp. has a 52 week low of $108.65 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. On average, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Company insiders own 1.39% of the company’s stock.

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.