Public Employees Retirement System of Ohio Sells 6,409 Shares of Targa Resources, Inc. $TRGP

Public Employees Retirement System of Ohio trimmed its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 6.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 90,508 shares of the pipeline company’s stock after selling 6,409 shares during the period. Public Employees Retirement System of Ohio’s holdings in Targa Resources were worth $22,693,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $30,000. Global Assets Advisory LLC purchased a new stake in shares of Targa Resources during the first quarter valued at approximately $41,000. Leonteq Securities AG bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Valued Wealth Advisors LLC increased its position in shares of Targa Resources by 57.7% during the first quarter. Valued Wealth Advisors LLC now owns 175 shares of the pipeline company’s stock valued at $44,000 after acquiring an additional 64 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Trading Down 1.6%

Targa Resources stock opened at $281.04 on Friday. The business has a 50-day simple moving average of $269.86 and a two-hundred day simple moving average of $241.99. The company has a market cap of $60.32 billion, a P/E ratio of 28.42, a P/E/G ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $291.04. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Analysts predict that Targa Resources, Inc. will post 10.76 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s payout ratio is 50.56%.

Analyst Ratings Changes

A number of brokerages recently weighed in on TRGP. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Truist Financial lifted their target price on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. UBS Group restated a “buy” rating and issued a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. Citigroup restated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Seventeen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $288.00.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.