California Public Employees Retirement System Sells 20,767 Shares of Targa Resources Corp. (NYSE:TRGP)

California Public Employees Retirement System decreased its position in Targa Resources Corp. (NYSE:TRGP) by 5.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 369,062 shares of the pipeline company’s stock after selling 20,767 shares during the quarter. California Public Employees Retirement System’s holdings in Targa Resources were worth $65,878,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. MML Investors Services LLC lifted its position in Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after acquiring an additional 10,100 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after purchasing an additional 13,167 shares during the period. Capital Investment Advisors LLC lifted its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. bought a new stake in Targa Resources during the 4th quarter valued at approximately $271,000. Finally, Segment Wealth Management LLC grew its holdings in Targa Resources by 2,753.4% in the 4th 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 during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 1.3 %

Shares of NYSE:TRGP opened at $203.16 on Wednesday. The company’s fifty day moving average is $198.72 and its 200-day moving average is $186.09. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The company has a market capitalization of $44.31 billion, a PE 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 earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRGP. Royal Bank of Canada upped their price target on Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. The Goldman Sachs Group increased their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Mizuho upped their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Barclays increased their target price on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Finally, Wells Fargo & Company boosted their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $211.00.

Insider Activity at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 82,139 shares in the company, valued at approximately $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last quarter. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Company 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.