Commonwealth of Pennsylvania Public School Empls Retrmt SYS Decreases Holdings in Targa Resources Corp. (NYSE:TRGP)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 1.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 360,304 shares of the pipeline company’s stock after selling 6,762 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned 0.17% of Targa Resources worth $64,314,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Atala Financial Inc bought a new position in shares of Targa Resources during the 4th quarter valued at approximately $31,000. Rakuten Securities Inc. grew its holdings in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares during the period. Aspect Partners LLC increased its position in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after buying an additional 130 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the third quarter valued at $35,000. Finally, Rosenberg Matthew Hamilton lifted its position in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This represents 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 90 days. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 2.4 %

Shares of NYSE TRGP opened at $198.90 on Thursday. The business has a 50-day moving average of $199.54 and a 200-day moving average of $182.41. The firm has a market capitalization of $43.38 billion, a price-to-earnings ratio of 34.65, a PEG ratio of 0.61 and a beta of 2.32. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $108.65 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. Targa Resources’s payout ratio is 52.26%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent research reports. Morgan Stanley lifted their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday. Mizuho lifted their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, Citigroup increased their target price on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $210.50.

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.