Public Employees Retirement System of Ohio Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Public Employees Retirement System of Ohio cut its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 9.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 96,096 shares of the pipeline company's stock after selling 9,932 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Targa Resources were worth $14,223,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wells Fargo & Company increased their price objective on Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Royal Bank of Canada increased their price target on 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 boosted their price objective on Targa Resources from $175.00 to $225.00 and gave the company a "buy" rating in a report on Friday, November 15th. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley boosted their price target on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $176.50.

Insider Activity

In related news, insider D. Scott Pryor sold 30,000 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company's stock, valued at $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 a total of 183,260 shares of company stock valued at $29,661,212 in the last quarter. Insiders own 1.44% of the company's stock.

Targa Resources Trading Up 0.5 %

Shares of TRGP traded up $0.94 during midday trading on Wednesday, reaching $186.28. The company had a trading volume of 1,707,559 shares, compared to its average volume of 1,654,185. The firm has a 50 day simple moving average of $180.92 and a 200-day simple moving average of $151.53. 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 stock has a market cap of $40.62 billion, a PE ratio of 33.69, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the business posted $0.97 EPS. Research analysts forecast that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.61%. Targa Resources's dividend payout ratio is currently 54.25%.

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.