Public Sector Pension Investment Board Lowers Stock Position in Targa Resources, Inc. $TRGP

Public Sector Pension Investment Board lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 12.4% during the third quarter, Holdings Channel.com reports. The fund owned 80,035 shares of the pipeline company’s stock after selling 11,336 shares during the quarter. Public Sector Pension Investment Board’s holdings in Targa Resources were worth $13,409,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its position in Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock worth $24,110,000 after buying an additional 7,497 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Targa Resources by 260.2% in the second quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock worth $22,526,000 after purchasing an additional 93,119 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of Targa Resources by 137.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after purchasing an additional 38,626 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Targa Resources by 2.4% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after buying an additional 16,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Targa Resources by 5.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after purchasing an additional 22,969 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Up 2.5%

Shares of NYSE TRGP opened at $223.73 on Monday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $225.35. The stock has a market cap of $48.03 billion, a price-to-earnings ratio of 29.75, a P/E/G ratio of 0.96 and a beta of 0.88. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The company’s fifty day moving average is $190.15 and its 200-day moving average is $173.48.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. Scotiabank reiterated an “outperform” rating and set a $224.00 price target on shares of Targa Resources in a research note on Friday, January 16th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company lifted their price objective on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Royal Bank Of Canada increased their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Finally, Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

Insiders Place Their Bets

In related news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.34% of the company’s stock.

Targa Resources Company 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.