Kentucky Retirement Systems Insurance Trust Fund Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 9.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 6,486 shares of the pipeline company’s stock after selling 665 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Targa Resources were worth $960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in TRGP. DT Investment Partners LLC acquired a new stake in Targa Resources in the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources in the second quarter valued at approximately $29,000. UMB Bank n.a. boosted its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new stake in shares of Targa Resources during the second quarter worth approximately $44,000. Finally, Huntington National Bank raised its stake in Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TRGP. Wells Fargo & Company lifted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Barclays boosted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Morgan Stanley increased their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Truist Financial boosted their target price on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday. Finally, The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $169.79.

Insider Buying and Selling

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,760 shares of company stock valued at $30,026,712. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $196.04 on Monday. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $197.14. The stock’s fifty day moving average is $163.51 and its two-hundred day moving average is $140.95. The company has a market capitalization of $42.75 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the previous year, the firm earned $0.97 EPS. Equities analysts expect that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. Targa Resources’s dividend payout ratio is currently 54.25%.

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.