Teachers Retirement System of The State of Kentucky Has $2.29 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Teachers Retirement System of The State of Kentucky trimmed its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.5% in the second quarter, Holdings Channel.com reports. The fund owned 17,781 shares of the pipeline company’s stock after selling 458 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Targa Resources were worth $2,290,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares during the period. Blackstone Inc. lifted its position in shares of Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after acquiring an additional 252,729 shares during the period. Dimensional Fund Advisors LP boosted its stake in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in Targa Resources by 13.7% in the fourth quarter. Westwood Holdings Group Inc. now owns 1,772,359 shares of the pipeline company’s stock worth $153,965,000 after purchasing an additional 213,070 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of TRGP opened at $157.98 on Friday. The stock has a 50 day moving average of $144.63 and a 200 day moving average of $128.58. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a 12 month low of $77.97 and a 12 month high of $158.12. The company has a market capitalization of $34.61 billion, a price-to-earnings ratio of 32.51, a PEG ratio of 1.21 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the firm earned $1.44 EPS. As a group, sell-side analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TRGP. JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Morgan Stanley boosted their price target on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Wells Fargo & Company raised their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Barclays boosted their target price on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. Finally, Truist Financial boosted their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $141.77.

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources 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 completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock worth $26,815,021 in the last quarter. 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.