Targa Resources Corp. (NYSE:TRGP) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 5.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 369,062 shares of the pipeline company’s stock after selling 20,767 shares during the period. California Public Employees Retirement System owned approximately 0.17% of Targa Resources worth $65,878,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TRGP. MML Investors Services LLC increased its stake in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after acquiring an additional 10,100 shares during the period. Nordea Investment Management AB increased its position in shares of Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after purchasing an additional 13,167 shares during the period. Capital Investment Advisors LLC raised its stake in shares of Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at $271,000. Finally, Segment Wealth Management LLC boosted its stake in Targa Resources by 2,753.4% during the fourth quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after buying an additional 53,389 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, 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 transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 1.3 %

Shares of Targa Resources stock opened at $203.16 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The stock has a 50-day moving average price of $198.72 and a 200 day moving average price of $186.09. The company has a market cap of $44.31 billion, a P/E ratio of 35.39, a P/E/G ratio of 0.61 and a beta of 2.32.

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

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Wall Street Analyst Weigh In

TRGP has been the topic of several research reports. Barclays boosted their price target on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Morgan Stanley increased their target price on shares of Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Citigroup lifted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Mizuho increased their price objective on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Finally, Wells Fargo & Company raised their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. One investment 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $211.00.

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.