Public Employees Retirement Association of Colorado Has $34.56 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Public Employees Retirement Association of Colorado decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 268,363 shares of the pipeline company’s stock after selling 674 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Targa Resources were worth $34,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in TRGP. UMB Bank n.a. lifted 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 period. Whittier Trust Co. purchased a new position in shares of Targa Resources during the 2nd quarter valued at $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources during the 1st quarter worth about $45,000. Rogco LP purchased a new stake in shares of Targa Resources in the 1st quarter valued at about $56,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Targa Resources in the 2nd quarter valued at about $69,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Down 0.0 %

Shares of NYSE TRGP opened at $152.14 on Friday. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $154.87. The company has a 50-day moving average of $140.64 and a two-hundred day moving average of $124.92. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company has a market cap of $33.33 billion, a PE ratio of 31.30, a P/E/G ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the prior year, the company posted $1.44 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is 61.73%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on TRGP shares. UBS Group raised their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Scotiabank upped their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Barclays upped their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research note on Wednesday, July 3rd. Finally, Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $141.77.

Insider Activity at Targa Resources

In other Targa Resources news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now directly owns 238,591 shares in the company, valued at approximately $32,531,882.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,534 shares of company stock worth $4,788,590. Company insiders own 1.39% of the company’s stock.

About Targa Resources

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.