Public Employees Retirement System of Ohio Purchases New Position in Targa Resources, Inc. $TRGP

Public Employees Retirement System of Ohio purchased a new stake in Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 90,427 shares of the pipeline company’s stock, valued at approximately $24,247,000.

Other hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the fourth quarter valued at $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the 4th quarter worth about $31,000. Jones Financial Companies Lllp bought a new position in Targa Resources during the 2nd quarter valued at about $32,000. Finally, Compass Financial Management LLC bought a new position in Targa Resources during the 2nd quarter valued at about $33,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP stock opened at $288.38 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94. The firm’s 50 day moving average is $275.05 and its 200-day moving average is $257.11. The firm has a market capitalization of $61.84 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 1.37 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Sell-side analysts forecast that Targa Resources, Inc. will post 11.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is 47.80%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares of the company’s stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,400 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at $458,195.43. The trade was a 61.08% decrease in their position. The SEC filing for this sale provides additional information. 1.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday, August 7th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research report on Friday, May 8th. Morgan Stanley raised their price target on Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Finally, Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $298.71.

About Targa Resources

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.